Ola credit card launches in partnership with SBI Card; aims 10 mn customers by 2022

A day after Paytm announced its credit card, ride-hailing platform Ola too has launched the Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. The card is powered by Visa and Ola claims that it will transform customer experience by offering simplified application process, eliminating joining fees and providing seamless, flexible and convenient payments to millions of Ola users. The company aims to issue 10 million Ola Money-SBI Credit Cards by 2022. There is no joining fee for the card. 

The existing Ola customers can apply for this card directly from the app. They can also view and manage their Credit Card directly on the Ola app with a few taps. They will be benefited in the form of cash-back 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.

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. 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 Card said that through this card, they aim to address the evolving mobility spends while providing customers with maximum value and unique benefits on their travel spends, especially for cab-based commute. "The launch of Ola Money SBI Card underlines our penchant to provide innovative and industry-first payments solutions to our customers," he said. 

Meanwhile, TR Ramachandran, Group Country Manager - India & South Asia at Visa believes that this partnership would allow visa to expand its 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. 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," he said.