Ola Money, the digital wallet from cab aggregator Ola, has partnered with online marketplaces eBay, AskmeBazaar and YepMe. Ola Money will be an option to pay on checkout on these websites and apps. The company says that payments on apps will be one-touch, while checkouts on the web will require an OTP authentication to complete the transaction.
Pallav Singh, SVP and head of Ola Money said that the three ecommerce sites have over 100,000 merchants registered on them and will help increase usage. In March 2016, Ola Money said its users could 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.
In August 2015, Ola Money announced that the wallet could be used to pay for other companies like Oyo Rooms, Lenskart and Saavn among others across India.
Ola Money began as a closed system payment instrument in 2014. However, these payment instruments do not permit payments and settlement for third-party services. Ola treats its driver partners as third party providers hence it needed to partner with a wallet provider with a licence from the RBI. Hence, it tied up with ZipCash in August 2015 and started offering its services to other companies as well.
Other wallet launches
– Earlier in the month, Internet company AskMe Group launched a mobile wallet called AskmePay which will integrate 15 million merchants from AskMe, Askme Bazar, Askme Grocery and Mebelkart. It has tied up with Transerv for processing payments on the wallet.
– Last month, Mukesh Ambani-led Reliance Jio launched its wallet JioMoney services to the public.A report by the Economic Times says that JioMoney has signed up more than 50,000 online merchants and will be supporting transactions on marketplaces like Flipkart and Snapdeal.
– In March, Flipkart said it is currently testing a pilot digital wallet service named ‘Flipkart Money’, primarily aimed at cutting costs while handling cash refunds, the company confirmed to MediaNama.
– In February, cab-hailing service Uber said that it is developing a closed wallet service in India, according to this report from the Economic Times. Uber confirmed the development in a PTI report and said that it finds the RBI’s diktat on two factor authentication for card payments too cumbersome, and is hence launching a service of its own.