Online Payments

Ola to Roll Out its Postpaid Payment Service for All Users

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Cab-hailing app Ola on Thursday said it will roll out its digital credit/postpaid payment service ‘Ola Money Postpaid’ to all its 150 million users in India.

Launched last year as a pilot, Ola Money Postpaid has seen 30% growth month-on-month, reported Business Standard.

Ola Money Postpaid offers a 15 day credit line and currently being by more than 10% of the cab aggegator’s customers and 90% of the early adopters have used the offering more than once, said the report.

Ola re-branded its credit/postpaid payment service called ‘Ola Credit’ to ‘Ola Money Postpaid’ in July last year. AT that time, Ola Money Postpaid was offered as a postpaid service for select users only, where consumers can avail rides but pay up to seven days later. The service can be paid for using net banking, debit and credit cards or Ola Money. The seven-day credit cycle has now been changed to 15-day credit line.

“The growing preference for transparent, seamless and secure transactions has seen Ola Money Postpaid redefine the way people commute. Fuelled by the momentum, Ola will extend the offering to all its customers in coming months and increase credit line offering and billing cycle to 30 days. The Ola Money Postpaid offering is made available to customers basis internal big data risk scoring algorithms,” it said. ******** Paytm launches online food ordering in partnership with Zomato.

According to a report by GlobalData, a leading data and analytics company, the adoption of digital wallets and contact-less card-based payments by retailers in developing countries across Asia-Pacific is likely to rise further and become a standard.

RELATED READING  Ola Raises Fresh $11 Mn from DIG Investment, Deshe Holdings and Founders Jabbar Internet Group

US retail giant Amazon has invested a fresh tranche of ₹590 crore into its Indian payment unit of Amazon Pay, marking Amazon the company’s third such transaction in 2018.

In September, Paytm raised $300 million from billionaire investor Warren Buffett’s Berkshire Hathaway Inc.

Gurgaon-based online food delivery firm Zomato, which competes with Ola-owned Foodpanda, is also reportedly in process of launching its very own digital payments and mobile wallet solution in order to prevent its users going out of its ecosystem while making payments online.

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