Ola on Thursday announced it will "soon" be bringing its digital credit payment offering, Ola Money Postpaid, to all customers. The company expects the offering to be made available to over 150 million customers. To recall, Ola Money Postpaid was launched as a pilot in India last year, and the company claims that the credit offering has since received a "tremendous response", with 30 percent growth month-on-month. Ola also claims that Ola Money Postpaid is currently being used by more than 10 percent of its customers, with a promising repeat usage rate of 90 percent.
The Ola Money Postpaid offering provides a 15-day credit line to customers, and the company touts that the service is "1-click enabled", not requiring an OTP or password to process payments. As it expands the offering to users in the "coming months", Ola said it will increase the billing cycle to 30 days. During the expansion, the company said the service will become available not just for its own ride payments, but will be made available in other segments such as food, entertainment, and utilities. More merchants will be onboarded during the expansion.
To activate Ola Money Postpaid, users will need to visit the Payments section of the app, tap on Ola Money Postpaid invite button, and then click the Get Started button.
Speaking on the initial customer feedback on Ola Money Postpaid, Nitin Gupta, Chief Executive Officer of Ola Financial Services said, "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."