Ola Money users can now use the wallet service to recharge prepaid metrocards for Mumbai Metro as well as pay for tickets booked at Rajasthan State Road Transport Corporation’s (RSRTC) online portal. Other than this, the wallet offers features to recharge mobile phones, send money to friends and pay at some offline partners.
Note that earlier this week, Ola acquired Chennai based Qarth, a startup which runs digital payments Android app X-Pay, for an undisclosed amount. X-Pay lets users transfer money through IMPS across banks like Andhra Bank, Bank of India, IndusInd, Punjab National Bank among others.
Ola Money’s non Ola uses: In August 2015, Ola announced that the in-app wallet Ola Money could be used to pay for other companies like Oyo Rooms, Lenskart and Saavn among others across India. In November, it extended this service to merchants, but does not seem live as of now since the app redirects to Ola Money.
Zipcash tie up: In March the same year, Ola told MediaNama Ola Money was a closed system payment instrument and that it had tied up with ZipCash for its wallet services. Closed system payment instruments do not permit cash withdrawal or redemption and cannot facilitate payments and settlement for third-party services. The TechCrunch report states that the tie up with Zipcash will stay.
Uber wallet in the making: Last month, we reported that Uber was working on developing a closed wallet service in India, stating that it found the RBI’s diktat on two factor authentication for card payments too cumbersome. In India, Uber rides can be paid for through Paytm wallets, Airtel Money, debit and credit cards, and cash as of now.
Other wallet developments:
– Earlier this month, digital payments startup FreeCharge would allow its users transfer money from their digital wallet to other users, as well as registered merchants. The new ‘Chat and Pay’ feature would be integrated into the existing FreeCharge app.
– Last month, Flipkart was also said to have been testing a pilot digital wallet service named ‘Flipkart Money’, primarily aimed at cutting costs while handling cash refunds, the company confirmed to MediaNama. It can also be used as a payment method.