India's Icici Bank has struck a deal to provide co-branded cards as well as digital loans, ride booking and payments to transportation utility Ola via the bank's mobile apps.
Under the terms of the MoU, Icici customers will be able to book an Ola cab and pay the fare seamlessly through the bank's mobile banking applications, ‘iMobile’ and ‘Pockets’.
Icici is also tapping Ola data to provide users with instant credit offers. Based on a combination of financial and digital behavior like ride frequency and usage patterns, the bank will instantly assess the credit-worthiness of Ola customers and extend digital credit within a few seconds.
Icici is additionally creating a Pay Direct card account for cab drivers to handle their daily earnings and provide cash out and shopping at merchant point-of-sale terminals. A co-branded credit card is also in the works, offering cashback rewards and special offers to Ola users.
Anup Bagchi, executive director, Icici Bank says: “These new propositions will help Ola’s driver-partners to manage their finances in a better way, while also enable customers of Ola to get easy access to instant credit in a simple and secured manner. This new partnership resonates our effort at 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 and services to our customers.”