Indian ride-hailing company Ola partners SBI to launch credit cards

Photo: Reuters

Ride-hailing company Ola has launched Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. Powered by Visa, the Bangalore-based company aims to provide a flexible and convenient payment system alongside several benefits to its customers.

The company says that it offers a simplified application process with no joining fees as Ola users will be able to apply, view and manage their credit card directly on the Ola app.

Ola is targeting 10 million Ola Money SBI Credit Cards by 2022.

“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,” said Bhavish Aggarwal, co-founder and CEO of Ola.

Meanwhile, SBI Card is looking at strengthening its card portfolio through unique initiatives. Hardayal Prasad, MD and CEO, SBI Card, said, “We aim to address the customers’ evolving mobility spends while providing them with maximum value and unique benefits on their travel spends, especially for cab-based commute.”

Ola’s suite of digital financial offerings ranges from the Ola Money wallet to postpaid services and micro-insurance for rides taken on the Ola platform.

“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,” said TR Ramachandran, Group Country Manager – India and & South Asia, Visa.

This article was first published on livemint.com