India's largest taxi aggregator Ola and ICICI Bank on Tuesday signed a MoU to bring forth a range of integrated offers for their customers and driver partners.
"This alliance will provide increased convenience to customers on both the platforms as well as hundreds of thousands of driver partners," Bhavish Aggarwal, co-founder and CEO of Ola, said in a statement.
Through this alliance, both brands will bring together their respective technology platforms to offer Ola booking facility on ICICI Bank's mobile banking platforms.
It will enable ICICI Bank customers to book an Ola and pay the fare by using the bank's mobile banking applications; 'iMobile' and 'Pockets'.
"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 will capitalise on each other's strengths to deliver a superior experience and enable smart, sustainable and inclusive mobility for India," added Aggarwal.
It will also give access to instant small ticket digital credit. This 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.
ICICI Bank will 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.
Additionally, drivers can also swipe this card at merchant outlets for their purchases.
"We are delighted to partner with Ola to introduce a range of new integrated offerings that will deliver unparalleled convenience for customers as well as Ola's driver partners," added Anup Bagchi, Executive Director, ICICI Bank.