A brief background
Personal transportation company Ola Cabs has gone from strength to strength since its foundation by Bhavish Aggarwal and Ankit Bhati in 2010. With its serices being available in over 85 cities, and its net worth being valued at $5 billion(as of Sep 2015), Ola owns 80% of the online cab market in India. Ola Cabs is now taking a further big step to expand its overall presence-the company recently announced the launch of its mobile wallet ,Ola Money as an independent app.
About Ola Money
Thus, Ola has further diversified its range of products by making a big foray into the digital payments sector. This sector, which is currently led by the likes of Paytm, Mobikwik and Freecharge, is rapidly expanding, for it offers several advantages over non-digital forms of payment. For instance, digital payment occurs almost instantaneously, is compatible with multiple payment modes, and most importantly, is integrable with the services provided by several merchants, allowing users to pay for the products bought from these merchants easily and efficiently.
Ola Money is powered by ZipCash and has over 40 million users. All the aforementioned advantages of digital payment can be availed of via Ola Money-several merchants such as Oyo Rooms, Lenskart, Zoomin and Explara have inked tie-ups with Ola in the recent past. All purchases of products from these merchants can easily be made via Ola Money. Moreover, the wallet also admits of payment via credit and debit cards, as well as net banking. Each user’s personal login details on Ola Money are directly synced with the Ola Cabs account, removing the need for multiple login attempts and username and password generation.
The bottom line
The digital payments ecosystem in India is thriving, thanks in no small measure to a variety of excellent startups making innovative use of tech. With Ola Cabs’s immense expertise now being leveraged to provide digital payments solutions, users can expect a lot more convenience while making payments online from now on.