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Ola, Uber Combat Service in India, introduces credit services to its users as it approaches a new major funding cycle.
Today, the company has unveiled Ola Money Postpaid, a service that relies on Ola's existing payment service – which can be used to pay for third-party trips and services – while providing a credit facility at no additional cost. The postpaid service basically allows pbadengers to accrue trips on Ola, and then pay 15 days of charges at once, in the same way that we pay for electricity or a phone bill once a month.
Ola said he tested the service with 10% of its 150 million users and found a 90% repeat rate of these guinea pigs. After testing, he plans to deploy the service to all users over the next few months. He also announced that the billing cycle would be extended to 30 days – you will pay well for one month Ola – and will provide technical badistance to users. postpaid service to third parties.
The latter makes sense because it could give a boost to Ola Money, the payment service of Ola which has been provided with a stand-alone application in 2015 for the purpose of paying bills, food, etc. Ola did not talk much about service, and we do not know how much it's about competing fairs like Paytm, Flipkart's PhonePe or Google Pay, formerly known as Tez.
More generally, Ola Money Postpaid seems to be a weaning effort from users of cash payments. Money is still a popular way in India – to the point that Uber, the big advocate of seamless payment, added it a few years ago – and Ola Money has helped some users to use technology without money, but not everyone have not done so yet. Postpaid service seems to be a transition house between the two.
The key quote from Ola is that of Nitin Gupta, who is the CEO of Ola Financial Services:
"Ola is committed to supporting the government's vision of a cash-free economy and we are determined to be a major force in India's rapidly growing digital payments market. We will continue to invest in innovative solutions that drive the digital economy in India while extending the benefits of this first-of-its-kind postpaid offering to more Indians, "he said.
Ola is in the middle of a fundraising of over $ 1 billion, sources told TechCrunch, and investors are already contributing. Last week, regulatory records showed that existing investor Steadview Capital had injected $ 75 million into the transaction as part of a deal valued at about $ 6 billion Ola. SoftBank, Temasek and others are expected.
The company operates in more than 100 locations in India and its service includes food recovery, payment and delivery services. Recently, Ola invested in an electric scooter start – up, which then set up overseas with launches in Australia, New Zealand and the United Kingdom last year.
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