Ola, India’s most popular mobility platform & ICICI Bank, the country’s largest private sector bank by consolidated assets, signed a Memorandum of Understanding (MoU) to bring forth a range of integrated offers to their customers & driver -partners. Through this alliance, 2 of India’s most popular & trusted brands will bring together their respective technology platforms to offer the following facilities:
Ola booking facility on ICICI Bank’s mobile banking platforms: It will enable ICICI Bank customers to seamlessly book an Ola & pay the fare by using the bank’s mobile banking applications; “iMobile” & “Pockets”.
Access to instant small ticket digital credit: The facility will help Ola customers to get small ticket digital credit instantaneously from ICICI Bank, on the Ola Platform. The digital credit will be available on the basis of a real – time credit assessment algorithm created by the bank. It is based on an intelligent combination of financial & digital behavior patterns like ride frequency & amount amongst others.
The bank will instantly ascertain the creditworthiness of a customer & extend digital credit within a few seconds. The entire process will be completely digital, without requiring any paperwork.
Enable digital payments to driver partners: ICICI Bank will offer a “Pay Direct” card for Ola’s driver partners. With this, Ola’s auto & cab driver partners will be able to get their daily earnings directly into their “Pay Direct” card accounts. Additionally, driver partners can also swipe this card 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 card, customers will benefit from several exclusive offers such as cashbacks & accelerated reward points.
Bhavish Aggarwal, Co – Founder & CEO of Ola averred, “Mobility & banking both play a key role in fostering inclusive growth & creating a lasting development benefits. This alliance will provide increased convenience to customers on both the platforms, as well as hundreds of thousands of driver partners. From API integration, to launching new products & solutions tailored to suit our common pool of millions of customers, the 2 brands will capitalise on each other’s strengths to deliver superior experience and enable smart, sustainable & inclusive mobility for India.”
Anup Bagchi, Executive Director, ICICI Bank averred, “ICICI Bank has always pioneered in ringing in digital innovations & provide world – class banking experience to its customers. Keeping this in view, we are delighted to partner with Ola to introduce a range of new integrated offerings that will deliver unparalleled convenience for customers as well as Ola’s driver partners. These new propositions will help Ola driver partners to manage their finances in a better way, while also enable Ola customers to get easy access to instant credit in a simple & secured manner. Furthermore, ICICI Bank customers will get the dual benefit of booking a cab & making payments directly through their “iMobile” & “Pockets” application. This new partnership resonates our effort of bringing in path breaking solutions, making mobility in banking simpler than ever before. We will continue the model of co -creating to deliver innovative products & services to our customers.”
Ola was Founded in Jan, 2011 by IIT Bombay alumni Bhavish Aggarwal & Ankit Bhati, Ola (formerly Olacabs), is India’s most popular mobile app for personal transportation. Ola integrates city transportation for customers & driver partners onto a mobile technology platform ensuring convenient, transparent & quick service fulfillment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 110 cities can book from over 800,000 vehicles across cabs, auto – rickshaws & taxis.
Ola has also introduced a range of shared mobility services on its platform like Ola Shuttle & Ola Share for commute & ride – sharing respectively. The app is available on Windows, Android & iOS platforms. Please visit www.olacabs.com/media for more information.
ICICI Bank Ltd. (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 156.8 billion on 30th Sept, 2017. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management & securities brokerage companies, and amongst the country’s largest private equity firms. It is present across 17 countries, including India.