SBI Cards and Reliance Retail are launching a credit card on India’s RuPay payment network.
The co-branded card marks Reliance’s entry into the credit card space, according to a Tuesday (Oct. 31) Reuters report on the collaboration.
The report noted that the card could entice customers to rewards at Reliance Retail’s 18,650 stores in India, at a moment when credit card spending has boomed, with cards in the RuPay network jumping nearly 20% year-over-year as of last month.
The launch is also happening during India’s festive season, when consumers make a bulk of their big-ticket purchases for the year, Reuters added.
SBI Card, owned by the State Bank of India, is the country’s number two card issuer, and is set to launch two versions of the card with Reliance, the report said.
Last month, Reliance Retail — a subsidiary of Indian conglomerate Reliance Industries — received a new investment from global investment firm KKR.
That investment of about $250 million increased KKR’s equity stake from 1.17% to 1.42% and valued RVL at a pre-money equity value of 8.361 lakh crore rupees (or around $100 billion), putting it among India’s top four companies by equity value.
Reliance operates India’s largest and fastest-growing retail business, serving 267 million customers, via integrated omnichannel network of more than 18,500 stores and digital commerce platforms in sectors that include grocery, consumer electronics, fashion and lifestyle, and pharmaceuticals.
Meanwhile, another Reliance company — the telecommunications outfit Reliance Jio Infocomm Ltd. — last week rolled out a satellite-based gigabit fiber service and said it plans to provide high-speed broadband services to parts of India that had been previously inaccessible
The new satellite network, dubbed JioSpaceFiber, will be available across the country at “highly affordable” prices, broadening Jio’s reach to cover the millions of homes and businesses that haven’t yet been connected.
“JioSpaceFiber will allow everyone, everywhere, to fully participate in the new digital society with gigabit access to online government, education, health and entertainment services,” Akash Ambani, chairman of Reliance Jio Infocomm Limited, said in a news release.
To make this project a reality, Jio has teamed up with global satellite operator SES, gaining access to the latest medium earth orbit (MEO) satellite technology.
John-Paul Hemingway, chief strategy officer at SES, said this project supports India’s Digital India initiative.
“Our first fiber-like services from space are already deployed today in parts of India, and we cannot wait to see how this will lead to digital transformation even in the most rural parts of the country,” Hemingway said.
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
