Ola has partnered with SBI to launch ‘Ola Money SBI Credit Card’. The card, which is powered by Visa, will offer a simplified application process, without joining fees with seamless, flexible and convenient payments, the company said in a statement. 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. Card users will also be offered cashbacks and rewards, instantly credited to their accounts in the form of Ola Money which can be redeemed against Ola rides, flight and hotel bookings, with lifetime validity.
“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,”Bhavish Aggarwal, Co-founder and CEO of Ola, said in a statement.
The launch of this card adds to Ola’s suite of digital financial offerings ranging from the Ola Money wallet to Postpaid Billing and Micro-insurance for rides taken on the Ola platform. The Ola Money SBI Card, Ola says, has been designed keeping in mind the unique needs and aspirations of the new age Indian consumers.
Hardayal Prasad, MD & CEO, SBI Card 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. 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 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.”
Some of the offers on this credit card include 7% cashback on Ola cab spends, 5% cashback on flight bookings, 20% on domestic hotel bookings, 6% on international hotel bookings, 1% fuel surcharge waiver on fuel transactions, 20% back at restaurants and 1% on all other spends.