With an aim to tackle the ongoing cash crunch in the country, online cab hailing platform, Ola has launched a credit service called, Ola Credit.
It is a postpaid service that will allow users to pay later for their rides. It will offer users credit for seven days that can be used for booking cabs via Ola’s platform. It can be repaid within those seven days via net banking, debit/credit cards, and Ola’s e-wallet.
Commenting on the development, Raghuvesh Sarup, Chief Marketing Officer and Category Head, Ola said, “Ola Credit is a global first from Ola to keep India moving towards a cashless economy. Ola Credit provides hassle-free mobility to citizens who can now pay later for their rides when cash conservation is important for many citizens. Mobility is an everyday use case and our commitment to making it seamless includes building a frictionless payment experience.”
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To avail this facility, users need to select ‘Ola Credit’ as their preferred mode of payment while booking a ride. The seven-day credit cycle begins from the date of the first credit ride. A customer will be able to clear dues using Ola Money, within the credit period. Ola extends credit to users on a select basis, on customer’s transaction history.
The company’s wallet also allows users to pay across mobility, travel, food, entertainment, e-commerce, bill payments, and mobile recharges. Ola Money also allows peer-to-peer transfers, allowing users to transfer money to friends and family as well.
Earlier last month, Ola launched ‘Ola Offline’ across key metros in India. The feature enables users to book a cab without Internet on their smartphones. Prior to this, in June 2016, Ola added car rental service on an hourly basis. Earlier in March, it introduced Ola Micro, offering a ride for INR 6/km to take on Uber’s UberGo service that was priced at INR 7/Km.