To beat cash crunch, Ola floats postpaid service
Cab aggregator Ola on Wednesday announced the launch of Ola Credit — a postpaid service to enable hassle-free mobility to citizens who can now pay later for their rides.
ANI Technologies Pvt. Ltd., operating under the trade name Ola, is an Indian online transportation network company. Ola was founded as an online cab aggregator in Mumbai, but is now based out of Bangalore. It was founded on 3 December 2010 by Bhavish Aggarwal (currently CEO) and Ankit Bhati. As of 2014, the company had expanded to a network of more than 200,000 cars across 100 cities.
Claiming to be a first in the industry, the service is being launched at a time when cash conservation is important for many citizens, the company said.
The service comes against the backdrop of demonetisation of high value currencies by government in its fight against black money, a move that has also resulted in cash crunch.
Ola Credit will give customers 7 days of credit so they can keep booking Ola cabs without worrying about having sufficient cash, it said in a statement here.
Ola Credit can be repaid via net banking, debit or credit cards easily through the widely accepted Ola Money e-wallet which is integrated into the app. It enables hassle-free commute to key corporate clients and high-frequency customers together, the statement said.
Raghuvesh Sarup, Chief Marketing Officer and Category Head, 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.”