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Ola launches mobile payments service

  • India’s largest cab hailing service Ola has announced its
    entry into the mobile payments space with the launch of its dedicated mobile
    app Ola Money, a move that will put Ola in direct competition with

    • India’s largest cab hailing service Ola has announced its
      entry into the mobile payments space with the launch of its dedicated mobile
      app Ola Money, a move that will put Ola in direct competition with
      Alipay-backed Paytm and Snapdeal-owned Freecharge, reported the
      Mint.
    •  
    • Over the past year,
      Ola has ventured into a food delivery service—Ola Café and an independent
      grocery-ordering app called Ola Store.
    •  
    • Ola, promoted by ANI
      Technologies Pvt. Ltd, has been experimenting with new businesses to match its
      larger rival Uber Technologies’ strategy across the world. Uber is already
      delivering groceries, food and e-commerce products in the US.
    •  
    • The current app will
      allow users to recharge their mobile phones and send money to friends and
      family. Ola is trying to create a holistic payments solution and will also
      introduce utility bill payments across online and offline merchants, according
      to the company.
    •  
    • “The launch of the
      Ola Money app is a big step towards simplifying payments for users across a
      wide range of products and services they use everyday! Ola Money has seen
      tremendous acceptance over the last three months, since the time we opened it
      up for third party merchants. We continue to add more merchants and build many
      more use cases with Ola Money, making it a seamless experience for users. With
      the app enabling users to do a lot more, including mobile recharges and money
      transfers, we are excited about the possibilities that Ola Money brings for the
      millions, who are beginning to prefer an easy to use mobile payment solution,”
      said Bhavish Aggarwal, co-founder and chief executive at Ola.
    •  
    • In August, the
      company had opened Ola Money (powered by ZipCash) for payments on third party
      merchants including budget hotels aggregators OYO Rooms and Zo Rooms, online
      music streaming portal Saavn, online eyewear retailer Lenskart, and food
      ordering app TinyOwl, among others.
    •  
    • In October, Ola
      together with co-founder Aggarwal acquired a minority stake in ZipCash Card
      Services Pvt. Ltd, a company with a wallet licence from the Reserve Bank of India.
    •  
    • The Ola Money app is
      currently available on Android phones and will be launched on iOS as well.

     

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