Ola has announced the launch of its mobile wallet called Ola Money powered by Zip Cash, as an independent app. The app facilitates peer to peer payments, mobile recharges and postpaid bill payments. With this move, the taxi aggregator would enter into a competition with likes of Paytm, Mobikwik and Freecharge.
The wallet is now available to over 40 million users across online and offline merchants, including Ola’s existing customer base.Further, the app will also allow users to browse through the deals offered by partnered merchants like OYO Rooms, Lenskart, BusIndia, Saavn, Zoomin, Explara, Healthkart and Planhound.
Ola Money can be recharged via credit card, debit card and net banking. The login credentials of a user are directly synced with his/her Ola account.
Commenting on the product’s launch, 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.”
Ola claims to own 80% of the online cab market share in India. And the launch of this app marks the company’s venture into in a new industry as a move to spread its business tentacles. The company has been majorly running in shadow of the business model designed by Uber. Let alone taxi aggregation, after Uber launched its food delivery startup UberEATS, Ola came up with Ola Cafe. But with the introduction of mobile wallets, it has forayed into an avenue which is still untouched by its international competitor.
Ola has already secured its foothold in the native market. And its moves are reflective of how aggressively it is trying to expand itself. Going by the looks of it, one may smell its plans of making its presence felt internationally, soon.