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Cab Sharing Firm Ola launches Credit Card in partnership with SBI

From Left to right, TR Ramachandran, Nitin Gupta, Bhavish Aggarwal and Hardayal Prasad

15 May 2019, India:

Cab sharing firm Ola today announced the launch of the Ola Money SBI Credit Card in partnership with SBI Cards. The card is powered by Visa.

There is no joining fee for the card.  Users will be able to apply, view and manage their Credit Card directly on the Ola app.

The company is offering several cashback offers on using the card.

Cash-back and rewards will be credited to user’s accounts in the form of Ola Money which can be redeemed against Ola rides, flight and hotel bookings.

Bhavish Aggarwal, Co-founder and CEO of Ola, said, “We are excited to launch the 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.”

Bhavish Aggarwal, added, “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.”

Hardayal Prasad, MD & CEO, SBI Cards said, “We are delighted to partner with Ola, to introduce the country’s first of its kind credit card in the mobility segment. The launch of Ola Money SBI Card underlines our penchant to provide innovative and industry-first payments solutions to our customers.”

Hardayal Prasad, added, “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 a 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.”

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 Cards and Visa, two of the biggest financial brands in India, and look forward to building a very successful partnership.”

TR Ramachandran, Group Country Manager – India & South Asia at Visa said, “We are delighted to partner with Ola and SBI Cards 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.”

TR Ramachandran added, “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.”

Ola’s suite of digital financial offerings ranges from the Ola Money wallet to Postpaid Billing and Micro-insurance for rides taken on the it’s platform.

(Image – Ola)

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