Ola and ICICI Bank sign MoU
Ola, India’s largest and most popular mobile app for transportation, and 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 and driver-partners.
Through this alliance, two of India’s most popular and 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 Ola cabs and pay the fare by using the bank’s mobile banking applications, namely ‘iMobile’ and ‘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.
Based on an intelligent combination of financial and digital behavior pattern like ride frequency, amount among others, the bank will instantly ascertain the credit-worthiness of a customer and extend digital credit within a few seconds. The entire process will be completely digital, without requiring any paperwork.
* Enable digital payments to drivers: ICICI Bank will offer a ‘Pay Direct’ card for Ola’s driver-partners. With this, Ola’s auto and 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. Using this card, customers will witness an enhanced experience through several offers such as cashbacks and accelerated reward points.
