Page 22 - Banking Finance December 2022

PRESS RELEASE

IDFC FIRST Bank Launches FIRSTAP, Country's First Sticker-based

Debit Card

IDFC FIRST Bank has launched said, “The launch of Sticker-based Debit Card is in line with
FIRSTAP, the country’s first the Bank’s customer-centric philosophy. The number of
sticker-based debit card, in transactions being carried out via contactless cards are
association with National growing fast. As a customer-first bank, we are committed
Payments Corporation of India to using contactless technology for frictionless digital
(NPCI), to facilitate transactions. With Sticker as the form factor in the
transactions by simply tapping wearable category, the debit card is convenient to carry
around and enables fast check-out. There are multiple use
the sticker on a Near Field
cases for this form factor and we are very confident of the
Communication (NFC) enabled
uptake.”
point-of-sale terminal.
Rajeeth Pillai, Chief Relationship Management and
The sticker-based Debit Card is
Marketing, NPCI said, “We are delighted to launch the
one third the size of a regular
country’s first Sticker-based Debit Card on RuPay in
debit card, thus making the sticker applicable on a wide
partnership with IDFC FIRST Bank. This new innovative
range of devices and objects, and significantly enhancing
offering is an ode to the go-getter, the spirited individuals
customer convenience. Customers can affix the Sticker-
who are always on the go. RuPay ON-THE-GO is redefining
based Debit Card on any surface of their choice, such as
the contactless payments space with its agility and
cell phones, identity cards, wallets, tabs, airpod cases, etc.
convenience of tap & go. With this new form factor, it
The object can be used to tap and pay, thus doing away
seamlessly integrates into the consumers' lifestyle as well as
with the need to carry a Debit Card or adapting to wearable
makes it a contemporary choice for modern Indians. At NPCI,
devices such as watches and rings or entering a UPI PIN
we emphasise working with ecosystem partners to bring
after scanning a QR code.
innovative solutions to any existing latent demand. We are
The touch-free way to pay enables payments in seconds for focused on our endeavour of building new, innovative and
transactions up to Rs. 5,000 without a PIN, and those beneficial products and services for our end-users.”
beyond that, with a tap and PIN.
This IDFC FIRST Bank Sticker debit card comes with a
Speaking on the occasion of the launch, Sumit Madan, Head complimentary personal accidental cover and 24/7
- Retail Liabilities and Branch Banking, IDFC FIRST Bank, concierge services with a host of RuPay offers.
India Exim Bank inks pact with RXIL Global to finance export
receivables through GIFT City-based ITFS platform

Export-Import Bank of India (India Exim Bank) has signed a Master Agreement with RXIL Global IFSC Ltd. (RXIL Global),
a subsidiary of Receivables Exchange of India Limited (RXIL), to finance exports receivables through the ITFS platform
situated in GIFT City in Gandhinagar, Gujarat on November 28, 2022. The agreement was signed by Mr. N Ramesh,
Deputy Managing Director of India Exim Bank and Mr. Ketan Gaikwad, Managing Director & CEO, of RXIL. ITFS is an
initiative of the Government of India to build an electronic platform for facilitating trade financing for exporters and
importers by providing access to multiple financiers. This platform shall play an important role in arranging credit for
exporters & importers from global institutions through amongst others, Factoring and other trade financing services at
a competitive cost.
With the signing of this Agreement, India Exim Bank will be able to offer Factoring and other trade finance products to
Indian companies, with an enhanced reach to MSMEs. India Exim Bank will also participate in sandbox transactions of
the RXIL’s platform. On this occasion, Ketan Gaikwad, MD & CEO of RXIL said, “India Exim Bank is a premier institution
and has played a key role in promoting and financing India’s exports. India Exim Bank partnering with RXIL Global is a
welcome step and will certainly help in shaping ITFS platform for export credit to Indian cross border trade.”

22 | 2022 | DECEMBER | BANKING FINANCE