PayU India co-founder and ex-CEO Nitin Gupta has joined Ola as the new CEO of its digital payment platform Ola Money, reports The Economic Times. An Ola spokesperson confirmed to MediaNama that Gupta is joining Ola to lead Ola Money and financial services business.

In September last year, PayU acquired payments company Citrus Pay, and the co-founder and CEO Nitin Gupta stepped down from his role as CEO to pursue another venture. After stepping down from PayU, Gupta was associated with startups as an angel investor, and invested in companies like RippleHire, Ofbusiness, CoHo, Trell, Upwardly, etc, according to his Linkedin profile.

Ola Money began as a closed system payment instrument in 2014. Ola tied up with ZipCash in August 2015 to offer the wallet service to other companies as well. Ola Money then was made a payment app and signed up with Oyo Rooms, Lenskart, and Saavn among others across India. Note that, Ola Money is a separate Android app, which can be used as a digital wallet for mobile recharges, money transfers, bill payments, etc.

Payments Bank?

According to the ET’s report, the cab aggregator is intending to get payments bank licence for the wallet. With a payments bank licence it will allow the company to hold upto Rs 1 lakh per customer, issue ATM, and debit cards, expand its product offerings such as mutual funds, insurance, foreign remittance etc.

In terms of digital payments, Paytm dominates the space. It formally launched its Payments Bank in last week of November and announced that it has 28 crore registered users and clocks Rs 250 crore annual transactions.

Also read: Cash vs Digital Money: why going cashless is going to be tough in India