Ola to introduce Ola Money Postpaid for 150 million users

Bengaluru-based cab-hailing service Ola will roll out digital credit payment 'Ola Money Postpaid' for its 150 million users in India. The offering, launched last year as a pilot, saw 30% growth month-on-month.

Ola Money Postpaid provides a 15-day credit line. Currently, it is being used by over 10% of the cab aggregator's customers and 90% of the early adopters have used the offering more than once.

Ola said in a statement, "The growing preference for transparent, seamless and secure transactions has seen Ola Money Postpaid redefine the way people commute. Fuelled by the momentum, Ola will extend the offering to all its customers in coming months and increase credit line offering and billing cycle to 30 days. The Ola Money Postpaid offering is made available to customers basis internal big data risk scoring algorithms."

Nitin Gupta, Chief Executive Officer of Ola Financial Services, said, "At Ola, we are focused on innovating and building solutions that ensure a seamless digital experience for millions of users across the country. 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."