Ola launches postpaid service-Ola Credit to fight off cash crunch

In a bid to alleviate people’s concerns and hardships post demonetization of high currency notes, companies and service providers are introducing new payment modes every day to fight off liquidity crunch.

The latest to join the bandwagon is local cab aggregator Ola which has launched Ola Credit – a postpaid service to allow users to pay later for their rides.

The new feature 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.

The company claims that the new Ola Credit feature will come handy for corporate employees as well as it regular riders. Notably, Ola will extend the credit to users on a select basis, which will depend on customer's transaction history.

Ola customers can select 'Ola Credit' as their payment option while booking a ride. 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.

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 demonetization.

"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," said Raghuvesh Sarup, Chief Marketing Officer, and Category Head.

The company also said that several companies had already adopted the new credit feature including corporates like L&T, Siemens, and IBM.

Also, read how you can report the ATM information to CashNoCash.com which provide free service to locate ATMs.