Bengaluru-based ride-hailing unicorn Ola on Wednesday announced the launch of Ola Money SBI Credit Card in partnership with SBI Card. Powered by Visa, the credit card is being offered to simplify the application process by eliminating joining fees and providing flexible and convenient payment options to Ola Users.
The team is currently targeting to issue 10 million Ola Money-SBI Credit Cards by 2022.
Bhavish Aggarwal, Co-founder and CEO of Ola, said in a press statement: "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.”
With the Ola Money SBI Credit Card, users will be able to apply, view, and manage their credit card directly on the Ola app. The team said the users will also get rewards such as cashbacks, which will be instantly credited to their accounts in the form of Ola Money. This can be redeemed against Ola rides, flight and hotel bookings, and comes with a lifetime validity.
Hardayal Prasad, MD and CEO, SBI Card, said in a press statement, “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.”
Ola currently has different financial offerings to its consumers like Ola Money wallet, Ola Postpaid billing, and even micro-insurance for rides taken on the platform. The team adds that the credit card has been designed keeping in mind the needs of the new-age Indian consumer.
Speaking on the launch of the co-branded card, Nitin Gupta, CEO of Ola Financial Services (OFS), said, “Digital Payments are an integral part of mobility, and through the Ola Money SBI Card, we aim to transform the combined experience for millions of Ola users. We are thrilled to partner with SBI Card and Visa, two of the biggest financial brands in India, and look forward to building a very successful partnership.”
Ola is currently present in over 125 cities across India, Australia, New Zealand, and the UK, and claims to connect over 1.5 million drivers across different vehicle categories.
TR Ramachandran, Group Country Manager - India and South Asia at Visa said, “We are delighted to partner with Ola and SBI Card to provide digital-first credit access to millions of creditworthy Ola customers and hence help expand the market. We are confident that customers can expect innovative and secure payment experiences with this innovative credit card. Transport and transit payments are one of the largest digital payment use cases worldwide. This card will help transition millions of Ola consumers from cash to secure, reliable and convenient digital payments not only for their daily commutes but for other expense categories as well.”