Ola Money Postpaid, which is claimed to be the world’s first digital credit payment from a ride-hailing platform, will soon be available to over 150 million users, Ola has announced. The offering, which was launched last year as a pilot, has registered a 30 percent growth month-on-month. Currently by invite-only, the offering to be rolled out for more use cases and merchants soon.
Read the complete press release below
Ola has become the world’s first ride-hailing company to introduce digital credit payment by offering “Ola Money Postpaid”. The offering was launched last year as a pilot, and has received tremendous response from customers with 30% growth month-on-month. Ola Money Postpaid furthers Ola’s commitment towards enhancing customer experience and promoting the digital economy across India with innovative solutions in and beyond the mobility space.
Ola Money Postpaid offers a 15 day credit line. Further, the entire experience is seamless as its 1 click enabled without the need of any OTP or password to process the payment.
With Ola Money Postpaid, Ola 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 has very promising repeat usage rates. 90% of the early adopters have used the offering more than once.
Speaking on the initial customer feedback on Ola Money Postpaid, Nitin Gupta, Chief Executive Officer of Ola Financial Services said, “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.”
He further added, “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.”
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 & billing cycle to 30 days. The Ola Money Postpaid offering is made available to customers basis internal big data risk scoring algorithms.
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.
How to activate Ola Money Postpaid
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.