Order Cash Like Pizza With Yes Bank and Ola Cabs' New Initiative

Order Cash Like Pizza With Yes Bank and Ola Cabs' New Initiative
NDTV

With the sudden implementation of the demonetization policy, millions of Indians were left helpless with limited-to-no money in their pockets. Banks across the country have been faced with an influx of people all rushing to exchange, deposit and withdraw money as soon as possible. While we've continued to wait in line in complete panic, there are those places in the country that have sailed through the entire situation, like the digital village in Gujarat, and incredible initiatives that have come to the rescue of distressed citizens, like Canara Bank's mobile ATM in Bengaluru.

Yes Bank has decided to earn some goodwill, and perhaps a few new customers, by partnering with Ola to bring cash to people’s doorsteps through micro ATMs in ten cities across the country. Perhaps those sidewalk queues that strangely resemble airport security lines will start to dissipate, or at least, hopefully, shorten significantly. Rajat Mehta, Senior President & Country Head, Brand & Retail Marketing of Yes Bank, explains that they are “hopeful of launching the service in a week to 10 days maximum." Currently, it is possible to withdraw up to Rs 2,000 per card from Ola cabs equipped with point of sale terminals, these cabs have been strategically positioned next to Yes Bank branches and ATMs specifically in high footfall areas.

Now, Yes Bank seeks to up their game by making the process of getting cash as easy as ordering a pizza. "Right now, people have to come to the cab, here the cab will come to you,” comments Mehta. All users have to do is call up an Ola cab using their smartphone, which definitely beats the sad ritual of hanging outside an ATM every other day. So the logical question to ask here would be -- will Ola will charge for the journey they took to bring customers money? While they haven't explicitly responded to that question as yet, as of now it seems to be more of a gesture of goodwill, which should do wonders for Yes Banks' public image. One can hope they don’t change their minds, although as Mehta states their prerogative is to “be able to reach a large customer base," which suggests a positive outcome.

This is not the only initiative being planned by Yes Bank and Ola, speaking to Huffington Post Mehta states, “at stage two, we will actually go to a customer who is in the cab.” In these trying times of a major cash crunch, it is at least minorly heartwarming to see such public institutions trying to make people’s lives a little easier, even if it is a ploy to get more customers.

Feature image courtesy of NDTV

Words: Julian Manning

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