Bengaluru-based homegrown cab hailing service Ola has launched digital credit payment “Ola Money Postpaid”. The offering was launched last year as a pilot and will now be rolled out for all its 150 million users in India in the coming months. Ola Money Postpaid offers a 15-day credit line for cab rides and requires just one click without the need of any OTP or password to process the payment.
Users can log on to the Ola app and click on the ‘Payments’ option. After tapping on the ‘Ola Money Postpaid invite’ button, customers will then have to select the 'Get Started' button.
With Ola Money Postpaid, Ola claims that it has taken payments on ride sharing platform to another level and brought it at par with utility payments where payments are made once per month post the consumption of services. At present, Ola Money Postpaid is being used by more than 10% of Ola customers and 90% of the early adopters have used the offering more than once.
“At Ola, we are focused on innovating and building solutions that ensure a seamless digital experience for millions of users across the country. Ola Money Postpaid is an innovative, world’s first offering that was launched post taking into account learnings and user experience of other modes of payment. The response has been phenomenal and more and more Ola customers are already making Ola Money Postpaid, their preferred choice of payment,” Nitin Gupta, Chief Executive Officer of Ola Financial Services said in a statement.
Fuelled by the momentum, Ola will extend the offering to all its customers in coming months and increase credit line offering & billing cycle to 30 days. The Ola Money Postpaid offering is made available to customers basis internal big data risk scoring algorithms.
“Ola is dedicated to supporting the Government’s vision of a cashless economy and we are committed to being a major force in India’s rapidly growing digital payments market. We will continue to invest in innovative solutions that promote the digital economy across India while extending the benefits of this first of its kind Postpaid offering to more Indians,” Nitin added.
Ola Money Postpaid will also extend its reach beyond mobility and integrate it into other segments such as food, entertainment and utilities in the coming months. The company also plans to enroll other merchants to create a faster and convenient payment mechanism for customers.