India-based ride-hailing company Ola has partnered with SBI to launch Ola Money SBI Credit Card.
The card is powered by Visa.
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The offering eliminates joining fees, simplifies application process and provides flexible and convenient payment options to 150 million Ola users.
By 2022, the firms aim to issue 10 million Ola Money-SBI Credit Cards.
Users of the credit card will be able to apply, view and manage their credit card within the app.
Card users will also receive cashback and reward points. These will be instantly credited in the form of Ola money to their accounts. This money can be redeemed against Ola rides, flight and hotel bookings.
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By GlobalDataOla Money SBI Credit Card: the benefits
The card provides 7% cashback on Ola Cab spends, 20% cashback on domestic hotel bookings, 5% cashback on flight bookings, and 6% cashback on international hotel bookings.
Currently, Ola has presence in over 125 cities across India, Australia, New Zealand, and the UK.
It claims to link more than 1.5 million drivers across different vehicle categories.
The new card is an addition to the existing financial offerings from Ola. Those include postpaid billing, money wallet and also micro-insurance for rides on the platform.
Ola co-founder and CEO Bhavish Aggarwal said: “We are excited to launch Ola Money SBI Credit Card, and we look forward to taking this to millions of Indians over the next few years.
“Mobility spends form a significant wallet share for users, and we see a huge opportunity to transform their payments experience with this solution.
“With over 150 million digital-first consumers on our platform, Ola will be a catalyst in driving India’s digital economy with cutting-edge payment solutions.”
SBI Card MD and CEO Hardayal Prasad said: “The launch of Ola Money SBI Credit Card underlines our penchant to provide innovative and industry-first payments solutions to our customers.
“Through this card, we aim to address their evolving mobility spends while providing them with maximum value and unique benefits on their travel spends, especially for cab-based commute.
“Ola is considered a pioneer in the mobility industry and we believe this partnership will play a key role in further strengthening our card portfolio.”
