Ola & ICICI Bank ink MoU for integrated payment offers
Published: Apr 24, 2018
By TIOLCORPLAWS News Service
KOLKATA, APRIL 24, 2018: THE taxi aggregator company Ola and the ICICI Bank today signed an MoU to bring forth a range of integrated offers for their customers and driver partners. Speaking on the subject, the co-founder and CEO of Ola, Mr Bhavish Aggarwal, stated that the alliance would provide increased convenience to customers on both the platforms as well as hundreds of thousands of driver partners. Both brands would now be able to bring together their respective technology platforms to offer Ola booking facility on ICICI Bank's mobile banking platforms.
Moreover, the MoU would enable ICICI Bank customers to book an Ola and pay the fare by using the bank's mobile banking applications; 'iMobile' and 'Pockets'. Mr Aggarwal further stated that from API (application program interface) integration to launching new products and solutions tailored to suit our common pool of millions of customers, the two brands would capitalise on each other's strengths to deliver a superior experience and enable smart, sustainable and inclusive mobility for India.
The agreement would also give access to instant small ticket digital credit. This facility would help Ola customers to get small ticket digital credit instantaneously from ICICI Bank, on the Ola Platform. The digital credit would be available on the basis of a real-time credit assessment algorithm created by the bank. Moreover, ICICI Bank would offer a 'Pay Direct' card for Ola's driver partners where Ola's auto and cab driver partners will be able to get their daily earnings directly into their 'Pay Direct' card accounts. Besides, drivers would also be able to swipe this card at merchant outlets for their purchases.