YES BANK partners with Ola to set up Mobile ATMs in 10 Cities

Author(s): City Air NewsOla Cas equipped with YES BANK PoS machines enabled for Cash Withdrawal. photo: city air news Mumbai, December 5, 2016: YES BANK, India’s fifth largest private sector Bank, has partnered with Ola, India’s most popular...

YES BANK partners with Ola to set up Mobile ATMs in 10 Cities
Author(s): 

Ola Cas equipped with YES BANK PoS machines enabled for Cash Withdrawal.
photo: city air news

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.

Date: 
Monday, December 5, 2016