New Delhi, 3rd April, 2016: Continuing its effort to promote digital economy across the country, Ola, India’s most popular mobile app for transportation, integrated with Unified Payment Interface (UPI); to further simplify digital payment options for millions of customers. This integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform. UPI integration will lead to one of the fastest mode of payment for millions of Ola users.
As the country has made significant stride towards cashless economy, UPI itself has seen great acceptance, with the value of transaction through the interface reaching to more than 1300 crore, according to recent RBI report. For a nation that is looking to migrate completely onto a digital medium, UPI payments are now widely used by leading e-commerce players across the country as they look to add more users through a completely seamless payment mechanism.
Speaking on the development, Pallav Singh, SVP – Ola Money, said, “At Ola, we are committed to the shared vision of a ‘Digital India’; and extending the benefits of a cashless economy to more Indians will only further this vision. Payments through UPI will be much faster and convenient; and we will continue to innovate and adopt similar integration with other platforms to create a robust payment mechanism.”
How does Ola UPI work?
While making payments for their Ola rides, a customer will now have an option called ‘Pay by UPI’ along with cash, debit/credit card option and the most preferred Ola Money wallet. Once the customers enter their unique UPI handle on the payment page, a ‘make payment’ request appears on the screen. The customers can then enter their 4-6 digit unique UPI transaction pin and the transaction is complete.
Ola has brought in similar innovation in the payment mechanism, ‘Ola Credit’ being the most recent introduction. Ola credit allows customers 7 days of credit; so they can keep booking Ola cabs without having sufficient cash and repay by net banking, credit and debit card apart from Ola Money.
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 two digital wallets, allowing users a seamless and convenient payment option for 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.