Ola launches postpaid service called - Ola Credit

• New Ola Credit service will offer hassle-free mobility to millions of citizens
• Hundreds and thousands of corporate employees and regular commuters to benefit from Ola Credit. L&T, Siemens, IBM among many others to avail the new service

Ola, India’s largest mobile app for transportation, today announced the launch of Ola Credit – a unique postpaid service to enable hassle-free  mobility to citizens who can now pay later for their rides. A global first in the industry, this service is being launched at a time when cash conservation is important for many citizens. Ola Credit will give customers 7 days of credit so they can keep booking Ola cabs without worrying about having sufficient cash. Ola Credit can be repaid via net banking, debit or credit cards easily through the widely accepted Ola Money e-wallet which is anyway integrated into the app. Ola Credit enables hassle-free commute to key corporate clients and high-frequency customers together.

Raghuvesh Sarup, Chief Marketing Officer and Category Head at 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. Our deep commitment towards the Indian market, combined with our experience in payment technology helps us to contribute to a digitally enabled India. Mobility is an everyday use case and our commitment to making it seamless includes building a friction less payment experience. Credit is an important step towards our goal of ensuring mobility for a billion Indians.

Dr. Sanjay Pai, Head – Travel & Dir. Aviation at Larsen and Toubro said  ”It is great to see how technology is being used to upgrade the existing transportation segment in the country. It is crucial to put a system in place to ensure it is seamless and efficient, and this can only be enabled with cutting edge technology. I am happy with the kind of customizations, transparency and efficiency that Ola’s technology – Ola Credit brings at all levels” He further added, “Digital India is seeing great acceptance and growth; and with companies like Ola supporting government’s initiatives, we are confident that it will see greater success and will have far reaching benefits in the overall growth of the country.”

Ola welcomes this landmark move by the Hon’ble Prime Minister to eradicate black money and fake currency and is supportive in nurturing convenient and transparent payment ecosystem. Ola has urged consumers to use Ola Money, helping them conserve cash for other essentials, especially over the next few days. Ola Credit will play an important role in the movement of a large number of low value transactions online, allowing citizens to conserve lower denomination currency for their other needs.

Ola’s popular e-wallet – Ola Money is already one of the most preferred modes of payment, after cash and with Ola Credit, millions of Indians will experience cashless transactions for their mobility needs and beyond. These innovations by Ola for a Digital India will go a long way in helping us realise our mission of building mobility for a billion Indians.

Ola is playing a critical role in encouraging digital transactions and supporting the Government’s vision of a cashless economy. Today, Ola Money is among the top three digital wallets and it offers an experience that allows users to pay with a seamless, one-touch checkout in a secure environment in a wide variety of use cases 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 with ease.

How does Ola Credit work?

A customer can select ‘Ola Credit’ as their payment option while booking a ride. A user can avail cashless rides basis there usage and settle dues as per his/her convenience, within a week. The 7 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.