Ola, one of India's popular cab-aggregating apps, on Wednesday launched Ola Credit, a new postpaid service where consumers can pay later for the rides. The company claims that the new Ola Credit feature will come handy for corporate employees as well as it regular riders. In a press statement, Ola announced that the L&T, Siemens, and IBM among others availed the new service.
The company says that the service is being launched in India at a time when "cash conservation is important for many citizens," referring to the cash crunch caused by demonetisation. Ola also clarifies that it will extend credit to users on a select basis, which will depend on customer's transaction history. The new Ola Credit will offer consumers credit for seven days where they can book Ola cabs without the hassle of maintaining sufficient cash. Consumers can repay Ola Credit via net banking, debit or credit cards through the integrated Ola Money e-wallet.
Ola customers can select 'Ola Credit' as their payment option while booking a ride. The cashless rides can be settled by customer within a week. The seven-day credit cycle will begin from the date of the first credit ride. The company clarifies that customers will be able to clear dues using Ola Money, within the credit period.
Announcing the new feature, Raghuvesh Sarup, Chief Marketing Officer and Category Head, said, "Ola Credit provides hassle-free mobility to citizens who can now pay later for their rides when cash conservation is important for many citizens. Our deep commitment towards the Indian market, combined with our experience in payment technology helps us to contribute to a digitally enabled India. Mobility is an everyday use case and our commitment to making it seamless includes building a frictionless payment experience. Credit is an important step towards our goal of ensuring mobility for a billion Indians."