8Bengaluru, India | Red Newswire | Nov 21, 2015 Last Updated at 03:08 PM IST.
The largest taxi aggregator service in India, Ola announced its new service this Friday. The company is entering in to the mobile payments space with its new app – Ola Money.
This move puts Ola in competition with Snapdeal’s FreeCharge and Alibaba’s Paytm. Ola Money can be used for recharging mobile phones or sending money to someone. The company also has plans of expanding this service to bill payments and more platforms including food ordering sites and other e-com platforms.
Ola is owned by ANI Technologies Pvt. Ltd and latest to join the line of mobile payment apps, in an effort to grab a share of one of the fastest growing markets. Increasing use of the smartphones has given a great boost to the mobile payments industry.
The mobile recharge firm FreeCharge was acquird by Snapdeal for $450 million in april. Snapdeal itself raised $627 million from Softbank in November last year. The founder of Paytm, Vijay Shekhar Sharma has taken the approval from central bank for setting up a payments bank that would offer more digital wallet services such as deposit, savings and remittance.
In june, Ola acquired a minority stake in zipcas for 3.4%. Bhavish Aggarwal, CEO of Ola said, “Ola Money has seen tremendous acceptance over the last three months, since the time we opened it up for third-party merchants. We continue to add more merchants and build many more use cases with Ola Money, making it a seamless experience for users. With the app enabling users to do a lot more, including mobile recharges and money transfers, we are excited about the possibilities that Ola Money brings for the millions who are beginning to prefer an easy-to-use mobile payment solution.”