Ola, One of India’s most popular mobile app for personal transportation, announced the launch of a dedicated mobile app for Ola Money that will allow users single point access across multiple brands and use cases. The Ola Money app can be used for mobile phone recharge across all operators as well as to send money to friends and family. In August, the company had announced that its customers could use Ola Money for payments at a wide range of merchants including OYO Rooms, Saavn, Lenskart, Zo Rooms, TinyOwl etc.
Ola Money is the most preferred mode of payment on the Ola app. With Ola Money, users can pay any of the partner merchants without having to provide any additional authentication, other than their Ola credentials already present on the app. The addition of mobile recharges and money transfers through the app brings two major use cases for consumers using Ola Money. The app will soon be usable for utility bill payments, across online and offline merchants and leading payment gateways as well, making Ola Money a holistic solution in the payment ecosystem.
Bhavish Aggarwal, Co-founder & CEO, Ola said, “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!”
The wallet is now available to over 40 mn users across online and offline merchants, including Ola’s existing customer base.
Ola Money, powered by ZipCash, is Ola’s mobile wallet that allows for a seamless experience, making payments easier and simpler. All personal and financial data is stored in a secure and encrypted environment. Ola Money’s one-click checkout is the fastest way to pay! The Ola Money app on Android can be downloaded from the Google Playstore and is coming soon on iOS and Windows as well.
Founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola (formerly Olacabs), is India’s most popular mobile app for personal transportation. Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient, transparent and quick service fulfilment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 102 cities can book from over 250,000 cabs, 75,000 auto rickshaws, Kaali Peeli taxis and yellow taxis on its platform. The app is available on Windows, Android and iOS platforms. Ola recently acquired TaxiForSure, India’s second largest cab aggregator, which continues to operate as an independent brand.
Ola Money will be competing against other digital wallet services like Paytm, payu, mobikwik, freecharge, Oxigen etc. Although its unclear that why a cab aggregator like Ola is moving to a payment business. The mobile wallet market in India is expected to reach USD 6.6 billion by 2020 as per the India Mobile Wallet Market Forecast and Opportunities, 2020. Recently Indian payment business is in news as many big players from all over the world is investing in these companies seeing the future of digital payment business in India. Alibaba group has invested in Paytm. Snapdeal, last year acquired Freecharge and trying to follow a marketplace plus digital payment business model. Flipkart launched PayZippy and later closed it down to handle the payments internally. Worldwide, marketplace + digital payment is followed by companies like Alibaba (alipay), eBay (paypal) and more players are joining the league. These companies have to compete with Apple Pay, Google wallet going forward.
It will be interesting to see how Ola money fits into this league considering the competition in the digital payments in India.