Ola launches Ola Money SBI Credit Card
In a move to enrich the customer experience of millions of the homegrown ride hailing platform's users, Ola has partnered the state-run SBI cards to launch Ola Money SBI Credit Card for the country's first such co-branding initiative in the segment, a statement said on Wednesday.
The card, which is powered by Visa, will be without any joining fees and provide seamless, flexible and convenient payments to the car hailing platform's customers.
Ola is targeting 10 million Ola Money-SBI Credit Cards to be issued by 2022.
Ola users will be able to apply, view and manage their Credit Card directly on the Ola app with a few taps, a company statement said.
Card users will also benefit from the cash-back and rewards, instantly credited to their accounts in the form of Ola Money with lifetime validity which can be redeemed against Ola rides as well as flight and hotel bookings.
"Mobility spends form a significant wallet share for users and we see a huge opportunity to transform their payments experience with this solution," Ola Co-founder and CEO Bhavish Aggarwal said.
Ola's suite of digital financial offerings range from the Ola Money wallet to postpaid billing and micro-insurance for rides taken on the Ola platform.