Ola, the taxi hailing app, has tied up with ICICI Bank to provide a range of integrated offers, including micro-credit to their customers and digital payment facilities to driver partners, respectively.
As per the partnership, ICICI Bank customers can now book and pay for Ola on the bank’s mobile app and wallet itself. Besides, the bank will also provide micro-credits to Ola customers, wherein they can use the credit for 3-4 rides and then repay later. The bank will, however, use analytics and algorithms to understand the creditworthiness of the riders.
For the driver partners, the bank will offer a ‘Pay Direct’ card to help them get their daily earnings directly into their ‘Pay Direct’ card accounts. Additionally, driver partners can also swipe this card at merchant outlets for their purchases. Ola alongwith ICICI Bank will launch a new co-branded credit card offering cashbacks and accelerated reward points.
Bhavish Aggarwal, Co-Founder and CEO of Ola, in a statement said, “Mobility and banking, both play a key role in fostering inclusive growth and creating lasting development benefits. This alliance will provide increased convenience to customers on both the platforms, as well as hundreds of thousands of driver partners. From API integration, to launching new products and solutions tailored to suit our common pool of millions of customers, the two brands will capitalise on each other’s strengths to deliver superior experience and enable smart, sustainable and inclusive mobility for India.”
Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. Keeping this in view, we are delighted to partner with Ola to introduce a range of new integrated offerings that will deliver unparalleled convenience for customers as well as Ola’s driver partners. These new propositions will help Ola driver partners to manage their finances in a better way, while also enable Ola customers to get easy access to instant credit in a simple and secured manner. Furthermore, ICICI Bank customers will get the dual benefit of booking a cab and making payments directly through their ‘iMobile’ and ‘Pockets’ application. This new partnership resonates our effort of bringing in path breaking solutions, making mobility in banking simpler than ever before. We will continue the model of co-creating to deliver innovative products and services to our customers.”