Ola Money, online cab aggregator Ola’s in app wallet for payments, can now be used to pay for other companies like Oyo Rooms, Lenskart and Saavn among others across India. Ola Money users will also be offered promotional cashbacks and discounts from merchants in the initial roll out integration. Note that in March, Ola told MediaNama that its in-app wallet Ola Money was a closed system payment instrument. Closed system payment instruments do not permit cash withdrawal or redemption. As such, these instruments cannot facilitate payments and settlement for third-party services. However, Ola told MediaNama that it has tied up with ZipCash for its wallet services. ZipCash got its semi closed payments instrument licence from the Reserve Bank of India in 2009. ZipCash had previously introduced a mobile payment service called M-Wallet which offered peer-to-peer money transfer on any mobile of any operator across India, in…
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