MUMBAI, India—More ride sharing services are getting into credit cards. In this country, local ride-hailing giant Ola has inked a deal with state-run SBI (State Bank of India) and Visa to issue as many as 10-million credit cards in the next three and a half years.
The move will help Visa and SBI acquire more customers in India, where most transactions are still carried out over cash, Tech Crunch said.
“For Ola, which rivals Uber in India, the foray into credit cards represents a new avenue to monetize its customers,” Tech Crunch said.
With about 150 million users availing more than two million rides on its platform each day, Ola is sitting on a mountain of data about its users’ financial power and spends. With the card, dubbed Ola Money-SBI Credit Card, the mobility firm is also offering several discounts and savings to retain its loyal customer base.
In an interview with TechCrunch, Nitin Gupta, CEO of Ola financial services, claimed that the company was offering “five times rewards to customers” in comparison to average credit card companies. “Also, the card is a first of its kind offering that can be managed digitally through the Ola App. We are committed to creating an inclusive ecosystem where mobility and financial services go hand in hand in leading growth and development,” he said.