India’s unicorns leading charge to credit boom, says ugalani:
Indian ride hailing company Ola on May 15 unveiled its own credit card in partnership with State Bank of India, the country’s largest lender.
The SoftBank-backed startup said it aims to issue 10 million so-called “Ola Money SBI Credit Cards” by 2022. Users will receive 7% back on Ola ride fares and 20% back on hotel bookings, under certain conditions, with the earnings credited to the user’s Ola Money online wallet. A day earlier, Paytm released its own Paytm First Card, issued by Citigroup. The card offers unlimited 1% cashback on purchases. Founder Vijay Shekhar Sharma said the card would encourage cashless payments for larger items.
Alibaba affiliate Ant Financial and Warren Buffett’s Berkshire Hathaway are investors in One97, Paytm’s parent company.
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