India’s ICICI Bank has signed a memorandum of understanding (MoU) with ride-hailing firm Ola to introduce new co-branded credit card.

The card is intended to provide better customer experience with various offers, including cashbacks and accelerated reward points.

In addition, a Pay Direct card will be provided for Ola’s auto and cab driver-partners, who will be able to directly receive their daily earnings into the card, which can be used at merchant outlets.

Under the MoU, the bank will also offer instant small ticket digital credit for Ola customers based on a real-time credit assessment algorithm.

Furthermore, ICICI Bank customers will be able to book Ola cabs on the bank’s mobile banking platforms and pay using its iMobile and Pockets applications.

ICICI Bank executive director Anup Bagchi said: “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.”

Ola co-founder and CEO Bhavish Aggarwal said: “This alliance will provide increased convenience to customers on both the platforms, as well as hundreds of thousands of driver partners.

“From API 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 superior experience and enable smart, sustainable and inclusive mobility for India.”