Mumbai, December 5, 2016: YES BANK, India’s fifth largest private sector Bank, has partnered with Ola, India’s most popular mobile app for transportation, to set up Mobile ATMs and enable convenient cash withdrawals for citizens by swiping their Debit Cards (from any bank).
The service will be made available in over 30 locations across 10 cities, including Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. Customers can swipe their Debit Cards to withdraw an amount of up to Rs 2000 per card. This is enabled using PoS Machines available in Ola cabs stationed near YES BANK branches across various locations in these cities.
This partnership is being done with an aim to ease the process of Cash Withdrawals for citizens across the country and provide seamless service to the customers with additional mobile infrastructure powered by Ola.
Speaking about the partnership, Rajat Mehta, Senior President & Country Head, Brand & Retail Marketing, YES BANK, said, “Since inception, YES BANK has focused on providing a superior banking experience to its customers. We are happy to partner with Ola to bring cash to the customer within easy reach and provide seamless withdrawal facility using YES BANK PoS machines”.
Raghuvesh Sarup, CMO & Head of Categories, Ola, added, “This is an important time for banking and mobility to come together and help people. Ola's fleet and technology strengths complement YES BANK’s service, and enable convenient cash withdrawals for people. Ola is also accepting various modes of cashless payments on its app.”
YES BANK remains fully committed to help realize the Government’s initiative to propel digital payments in India and move towards a ‘less-cash’ economy. Earlier, YES BANK had announced waiver of MDR charges (Merchant Discount Rate) for all Debit Card transactions across RuPay, MasterCard and Visa platforms at all its Merchant locations, including online transactions up to 30th December ’16. MDR is the fee charged to the merchant by the Bank for providing card acceptance services. The waiver of MDR will facilitate greater acceptance of Debit Cards by the Merchants thereby resulting in greater use of cards by customers as their preferred payment method.
Ola is among the leaders in India using digital technology to enable convenience for consumers. With the recent launch of the postpaid service called ‘Ola Credit’ - a global first in the Industry - riders are allowed to take rides on credit and pay for them later. Ola Credit was introduced at a time when cash conservation was key to citizens. Ola Money is already amongst the top three digital wallets in India, facilitating one-touch payments and checkouts across a range of use cases like Travel, Food, Entertainment, E-commerce, Bill payments and easy fund transfers to friends and family - all in a secure and hassle-free environment.
Founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola (formerly Olacabs), is India’s most popular mobile app for personal transportation. Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient, transparent and quick service fulfillment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 102 cities can book from over 4,50,000 vehicles across cabs, auto-rickshaws and taxis. Ola has also introduced a range of shared mobility services on its platform like Ola Shuttle and Ola Share for commute and ride-sharing respectively. The app is available on Windows, Android and iOS platforms. Please visit www.olacabs.com and https://www.olacabs.com/media for more information.
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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