Home-grown cab hailing major has introduced Ola Money Postpaid as a payments option for its users. In fact, the SoftBank-backed company has re-branded its initial offering i.e. Ola Credit, a premium facility extended only to its loyal user base.
According to the company, now customers can avail Ola Credit benefits on Ola Money Postpaid by just updating their app. Additionally, if customers don’t see the Postpaid option in the app, the company will alert them as soon as they have an invite.
Entrackr had reached out to Ola and got a confirmation that Ola Credit will be officially called as “Ola Money Postpaid”. We also approached ZipCash, the digital payments partner of Ola to get some more insights over this. However, it has not replied to our queries until the publication of this post.
The company also confirmed that currently, Ola Money Postpaid is only available on cabs ride payment.
As of now, Ola Credit has been offering a postpaid service where consumers can pay later for the rides. It essentially offers consumers credit for seven days where they can book Ola cabs without running for cash. Consumers can repay Ola Credit via net banking, debit or credit cards through the integrated Ola Money e-wallet.
The Bhavish Aggarwal-steered company introduced the facility a week after the government’s demonitisation step. The credit feature was welcomed by the users as they got an option of seven days to settle the payments for their rides.
Importantly, the facility comes with terms and conditions, where the seven-day credit cycle will begin from the date of the first credit ride. The company clarifies that customers will be able to clear dues using Ola Money, within the credit period.
Focusing on frictionless payment experience and mobility, Ola is reportedly working on launching co-branded credit cards for its premium riders. According to Entrackr sources, the company already has set up an internal team for launching a credit product.
Ola arch-rival Uber already has been offering co-branded credit card powered by Visa in the US. It will be interesting to see how both ride-hailing companies grab the larger share via loyalty card play.