Online transportation app Ola has tied up with ICICI Bank to provide a range of integrated offers, including digital loans, credit cards, digital payment, and Ola ride booking via bank's app.
It may be noted, that Ola's rival in the sector, Uber, too, has planned to start autorickshaw services from later this month.
Also Read: ICICI Bank Q2 net profit belies estimates, falls 34% to Rs 2,058 crore
Ola and ICICI Bank have signed a Memorandum of Understanding (MoU) to offer the following services to customers:
Ride booking in ICICI Bank apps
Now, customers can also book their Ola rides on ICICI Bank's mobile banking platforms. Customers of the bank can seamlessly book an Ola and pay the fare by using the bank's app — 'iMobile' and 'Pockets'.
Digital credit
Ola and ICICI Bank are offering instant digital credit facility. Ola customers will get small ticket digital credit instantaneously from ICICI Bank on the Ola platform. Customers can use this micro-credits for 3-4 rides and then repay later. The bank will, however, use analytics and algorithms to understand the creditworthiness of the riders.
Digital payments to driver partners
ICICI Bank will offer a 'Pay Direct card' to Ola's driver partners. With this card, Ola's driver partners will be able to get their daily earnings directly into their 'Pay Direct' card accounts. Driver partners can also use this card for swiping at merchant outlets for their purchases.
Co-branded credit card
ICICI Bank will launch a new co-branded credit card in association with Ola. With this credit card, customers will benefit from several exclusive offers such as cashbacks and accelerated reward points.
"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", said Bhavish Aggarwal, Co-Founder and CEO of Ola in a press release.
This new partnership resonates our effort of bringing in pathbreaking 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", Anup Bagchi, Executive Director, ICICI Bank said in the press release.
