Indian Oil Corporation partners with Fiserv
2nd Sep 2022

Indian Oil Corporation (IOC) has partnered with Fiserv, Inc., a leading global provider of payments and financial services technology solutions, to enhance customer payment experiences and streamline its operations. Indian Oil customers can now pay with their choice of multiple payment platforms through smart POS terminals deployed at over 15,000 Indian Oil retail fuel outlets across the country, seamlessly redeem loyalty points, and reduce their wait time at the fuel outlet.

Through the Carat operating system from Fiserv, Indian Oil has access to a cloud-based platform that enables the processing of debit cards, credit cards, FASTag-enabled payments, QR payments, Unified Payments Interface (UPI) instant real-time payments, and digital wallets. Indian Oil outlets nationwide are seamlessly connected with Fiserv for acceptance of digital payments and Indian Oil loyalty schemes, XTRAREWARDS and XTRAPOWER, enabling customers to redeem loyalty points for fuel purchases. This integration will benefit Indian Oil with advanced analytics and reporting, and efficient and precise reconciliation.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.