Ola, India’s largest cab hailing service, has announced that Ola Money can now be used as a wallet to pay for services on other e-commerce platforms.
Ola Money is the payment option for customers on its mobile app. Ola, promoted by ANI Technologies Pvt. Ltd, has been expanding into new businesses to match similar efforts by Uber Technologies Inc. The company also had reportedly plans to apply for a mobile wallet licence.
“Ola Money was built to create a seamless payment experience for every request on our platform and is the most preferred mode of payment by a majority of our users today. By taking this experience to more merchants, we are enabling our users to do more with Ola Money and helping merchants gain access to one of the most convenient payment experiences we know of today,” Rushil Goel, head of Ola Money, said in a statement.
The company has launched delivery services such as Ola Cafe and Ola Store as well as an exclusive cell phone for its customers, and is looking to start bus services as well. Ola has raised over USD 750 million from Venture Capital firms, which include Tiger Global and Softbank.
The company said it has around 20 million customers and is already one of the top three mobile wallets in the country. Ola said that the digital payment solution enlarges the scope of its wallet. It claims to have an average wallet balance size of Rs1000.
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