Payments firm Cashfree has partnered with Ola Money to launch a deferred payments service which will let users pay for products they purchase later, through a short term credit. The loan can be between Rs 1500-20,000 depending on the credit profile of the user, and has to be paid within 15 days. The service is meant for users who do not have a credit card, or do not use online banking services. Ola has been operating its own delayed payments service for riders 'Ola Money' (rechristened from Ola Credit) since April 2017. Ola Money Postpaid gives select users 7 days' credit; as of July this offering could be used only to pay later for cab rides. Cashfree's numbers 5000 merchants 2 million transactions per month 30% rise in transaction volumes every month, expected to touch Rs 2500 crores per month by end of FY2019. Deferred payments services by other providers Earlier in March this year, MakeMyTrip launched a 'Pay Later' for travel payments for select users, in partnership with Bajaj Finserv. In July 2017, LazyPay partnered with Ridlr, offering credit for multiple transactions, which could be cleared out at once after 15 days. In June 2017, IRCTC partnered with a Mumbai-based company 'ePayLater' which offered 14 days' credit to customers. Deferred payments services differ from micro-lending services which offer instant loans. Deferred payments apps like LazyPay underwrite the transactions carried out by customers until they pay after a short while, usually upto a fortnight. Micro-credit offerings like ICICI Bank's "pay later" are loan…
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
- Views: Informed Consent—Fiction, Not Fact June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...