With 20 M wallet users, Ola opens Ola Money to other e-commerce platforms
Country’s third largest wallet Ola Money can now be used across a host of merchants online, outside of Ola’s offerings. With Ola Money, customers can use the balance saved in their mobile wallet to shop for a variety of products and services across leading merchants like Oyo Rooms and a select other partners.
Going forward, more merchants like Lenskart and Saavn will be active on the wallet for users. The wallet can be already used for Ola Cafe, Ola Store app and TaxiForSure bookings made on Ola app.
The expansion of Ola Money as a digital payment solution enlarges the scope of its wallet, which sees a high frequency usage and recharge from Ola’s user base.
Last week, the company had launched loyalty campaign, ‘Ola Select,’ with select sets of customers to offer a range of benefits like free in-cab wi-fi, upgrades at no extra cost, special discounts and a range of exclusive benefits from Ola’s partner brands like Myntra, Snapdeal, and Cleartrip.
Rushil Goel, Head, Ola Money said,
Payment is a significant element in any transaction in the digital world today. Ola Money was built to create a seamless payment experience for every request on our platform and is the most preferred mode of payment by a majority of our users today. By taking this experience to more merchants, we are enabling our users to do more with Ola Money and helping merchants gain access to one of the most convenient payment experiences we know of today. We are excited to introduce Ola Money in its new avatar to our users and welcome leading merchants who want to benefit from this solution.
With over 20 million customers on its platform, Ola Money is already one of the top three mobile wallets in the country by transaction volume.
YourStory take
Digital wallet penetration is witnessing an upsurge in India and the time appears perfect for Ola to extend its wallet to other merchants. Frequent Ola users prefer to pay via wallet to avoid hassles like change and the same user base may like to use it for availing services and shopping.
Ola has been aggressively pushing Ola Money from quite some time. The company has been time and again running Ola Money offers like recharge for Rs 599 and get Rs 100 cashback etc. Today, Ola is giving 50% cashback if you pay for Ola Auto with Ola Money in Bengaluru.
With extending its wallet to third party merchants, Ola money will be able to get more traction and process more GMV. Adoption of digital wallets are all set to increase in India and it would be interesting to see how Ola Money will compete with Paytm, Mobikwik, and a slew of banks who are in process to launch their wallets soon.