Standard Chartered Bank forms tie-up with Uber

11 October 2016 Current Affairs: Foreign lender Standard Chartered Bank has announced a tie-up with Uber under which its credit cardholders, across six countries, will get a cash-back of up to 25 per cent for hailing cabs from the app.

“We are confident that our customers will find value in this partnership as we continue to explore avenues to enhance our digitally enabled banking experience,” Standard Chartered retail banking head Shyamal Saxena said in a statement.

In India, the cardholders will get a 20 per cent cash-back on all Uber rides, subject to a cash—back cap of ₹ 600 per month. Additionally, first-time Uber users will get a discount of ₹ 50 for the first three rides.

Apart from India, the partnership has been activated in Singapore, Indonesia, Malaysia, Vietnam, the bank said in a statement, adding it will go live in the UAE as well.

This is the first multi market partnership for the two companies, the statement said.

The bank said that the tie up is a part of its agenda to deliver simple and convenient banking through digital channels for increasingly tech savvy clients.