Bangalore, May 15: Ride-hailing giant Ola cabs on Wednesday launched its credit card in partnership with State Bank of India. The transportation network company, developed by ANI Technologies Pvt. Ltd, inked a deal with SBI and Visa and targeted to issue 10 million cards by end of 2022. Ola currently extends Ola Money wallet, postpaid billing and micro-insurance for drives taken on its platform. Flipkart Co-Founder Sachin Bansal Invests Rs 150 Crore in Ola.
With Ola credit card, users will be able to apply, view and manage credit cards directly from the Ola application. The cards users will also get cash-backs, which will be directly credited to customer's accounts. The cashbacks can be used against Ola rides, hotel bookings and other services. Lok Sabha Elections 2019: Ola to Offer Free Rides to Polling Booths for Disabled Voters in Karnataka.
Bhavish Aggarwal, co-founder and chief executive officer (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. 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."
Tweet by Bhavish Aggarwal:
We’re excited to launch India's most rewarding Credit Card: the Ola Money SBI Card in association with @SBICard_Connect, @Visa_IND. This card will be a driving force for India's digital economy, making cutting edge payment solutions accessible to millions https://t.co/jK6rSSsr8X pic.twitter.com/y01yD7PMSc
— Bhavish Aggarwal (@bhash) May 15, 2019
Ola is currently operational in over 125 cities across countries like India, New Zealand, Australia, and the United Kingdom, and claims to connect more than 1.5 million drivers across different vehicle categories.
Speaking on the launch of the co-branded card, 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 Card and Visa, two of the biggest financial brands in India, and look forward to building a very successful partnership.”
This development comes after the digital wallet and e-commerce giant Paytm on Tuesday launched credit card service in partnership with Citi Bank. The Paytm in a statement said that the credit card comes with no hidden fees and will be accepted globally.