Ride-hailing company Ola Cabs has just announced that it is working on expanding its Ola Money Postpaid program to reach more users. It is planning to increase the use cases for the program along with availability to more merchants. The program is currently available as an invite-only mode with limited availability to its users. With improved coverage, the service is likely to reach over 150 million users in the market. According to the report, the company launched the digital credit payment service last year as part of a pilot.
The likely reason for the expansion of the program is because of the “tremendous response” along with 30 percent month-on-month growth of the service. The company shared details about the program including how it provides a credit line of 15 days with the Ola Money Postpaid service. Ola claims that the experience for the user is seamless with just one click enabled without any need for a password or any OTP during payment. The announcement even compares the service with utility payments such as electricity bill where users have to pay only once a month for the services that they use.
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The Chief Executive Officer of the Ola Financial Services, Nitin Gupta issued a statement as part of the announcement, “Ola Money Postpaid is an innovative, world’s first offering that was launched post taking into account learnings and user experience of other modes of payment. The response has been phenomenal and more and more Ola customers are already making Ola Money Postpaid, their preferred choice of payment.”
Ola also shared some usage numbers for the service in its test phase. According to the announcement, more than 10 percent of Ola users have “a very promising repeat usage” rate along with about 90 percent of the early adopters have used the service more than once.