Ola offers wallet money for use in other e-commerce platforms

Taxi-hailing aggregator Ola, promoted by ANI Technologies, said Ola Money can be used to pay for services on other e-commerce platforms. 

The move will allow Ola users, who have a significant balance in their Ola Money accounts, to pay merchants such as budget hotel aggregator Oyo Rooms and a select other partners. Eyewear startup Lenskart and music streaming company Saavn are the other merchants expected to be part of the service soon, Ola said on Monday Stock Market Trading Tips

"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," Rushil Goel, Ola Money head, said. 

Ola Money's wide user base of more than 20 million would also help merchants to tap into its active wallet base, which has an average balance of more than Rs.1,000. Ola Money, which is the payment option for customers on Ola's mobile app, uses the payment technology of PayU and ZipCash Card Services. 

While both PayU and ZipCash have a wallet licence from the Reserve Bank of India (RBI), Ola is also planning for a similar license soon Himanshu Tiwari Astrologer Blog

Ola, which competes with San Francisco-based Uber in India, is also in advanced talks for a fresh round of funding from investors.