In a first in the mobile digital payment world, Olacabs introduced an in-app Ola Money wallet for auto rickshaw bookings across Hyderabad, Chennai, Pune, Ahmadabad, Delhi and Bangalore. Additionally it also announced the cashless wallet payment method for its kaali-peeli taxi rides in Mumbai that are booked through the Ola app. Also Read - Uber launches 'Uber Connect' package delivery service to rival Dunzo and Swiggy GenieAlso Read - Uber to operate 'Essential' cab service to hospitals and pharmacy stores in 4 cities
The Bangalore-based company launched Ola Money, its in-house wallet back in September last year. The company allows users to recharge their wallet through credit or debit card or through net banking and then use this to pay for taxi rides.
Another unique feature is that it lets you even make partial payments for the trip. When you tell the driver that you want to pay via the digital wallet, you will receive a four-digit authentication code via SMS. Once you share that code with the auto-driver, the transaction would be completed via Ola Money. It is important to note, that this service will only be active if you call for an autorickshaw in the mentioned six cities or a Kaali Peeli taxi in Mumbai through the Ola app.
Autos and kaali-peelis are the most ubiquitous modes of personal transportation available in our cities today. However, for decades they have been operating without leveraging the benefits of scale and efficiency, Pallav Singh, Vice President of Operations at Ola said.
By bringing them on the Ola app, we have been able to connect auto drivers and customers with absolute ease, bringing more convenience to users and more income for drivers. With cashless rides for autos and Kaali-Peelis now, the experience for both customers and drivers becomes seamless. We believe digital payments will shape the future of personal transportation in India.
Uber came to India with its USP being cashless payments. Meru, last year introduced this feature by integrating the Citrus wallet into their systems.
Olacabs stepped up the heat by recently acquiring its rival TaxiForSure in a cash and equity deal worth $200 million. In October last year, Olacabs announced that it has raised $210 million in Series D round of funding led by Softbank and existing investors, Tiger Global, Matrix Partners India and Standview Capital. The company said that it planned to use these funds to expand into more Indian cities. Founded in 2011 by IIT alumnus, Olacabs currently functions in more than 85 cities and has nearly 100,000 vehicles operating on the roads of India.