With another major player moving into the field of online wallets and virtual payments, Ola — the company behind India’s largest app-based cab service Ola Cabs — has announced the launch of a brand new, separate app for Ola Money.
The app which at the moment, is being termed as “a dedicated mobile app for Ola Money” is meant to act as a single point of access for various money related needs. Like traditional transactional related applications, the Ola app can be used for mobile phone recharge across all mobile operators as well as to send money to friends and family.
What’s more though, is a whole range of merchants offering a wide range of services such as OYO Rooms, Saavn, Lenskart, Zo Rooms and TinyOwl are also amenable to accepting payments through the app. More merchants are expected to join the train too.
Another factor in the favor of Ola’s app as compared to the competition is the fact that the wallet size it offers is significantly higher than is the norm, something that is bound to prove handy as online transactions take precedence over offline ones.
Also, with various merchants associated with the Ola app, the Ola money can be used as a prefered mode of payment and does away with the need to provide any authentication, considerably speeding up the process.
The company is also planning to expand the range of uses. As per the company,
The app will soon be usable for utility bill payments, across online and offline merchants and leading payment gateways as well, making Ola Money a holistic solution in the payment ecosystem.
According to Bhavish Aggarwal, Founder & CEO, Ola,
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.
As for user privacy and data security, all of your personal and financial data is encrypted and stored in a secure environment to provide you with peace of mind while performing your online transactions. Payments however are powered by BillDesk’s Zipcash online payment platform.