Ola claims 10% of its current user base to be on Ola Money Postpaid with a very "promising" repeat usage rates as 90% of the early adopters have used the offering more than once.
Ride-hailing company Ola’s customers soon need not pay for their rides up front. Ola Money Postpaid, the by-invite digital credit payment service launched by Ola as a pilot last year will soon be rolled out for its entire, over 150 million, user base, the company announced today in a statement.
Ola said the customers soon will have an option to pay for all their spends at once every 15 days through the new service, however, that will be stretched from 15 days to 30 days in the coming months.
It’s much like your telephone bill. Nonetheless, it doesn’t come with any fixed charges, you only have to pay for what you use, the statement said.
Currently, the offering is made to customers based on their internal big data risk scoring algorithms.
Claiming to be the world’s first ride-hailing company to launch the postpaid feature for its customers, Ola said that the offering has grown 30% month-on-month.
“This is world’s first offering that was launched post taking into account learnings and user experience of other modes of payment,” said Nitin Gupta, Chief Executive Officer at Ola Financial Services in the statement.
Users would have to click on ‘Ola Money Postpaid Invite from the ‘Payments’ option in the profile menu of the Ola app and then select the ‘Get Started’ button. The payment feature doesn’t require OTP or password to process the payment.
Ola claims 10% of its current user base to be on Ola Money Postpaid with a very “promising” repeat usage rates as 90% of the early adopters have used the offering more than once.
The company said that it will soon make the credit payment facility available for new use cases such as food, entertainment, and utilities in the coming months. Ola is also looking to get other merchants for faster payment mechanism for its customers.
Ola rebranded the service from Ola Credit to Ola Money Postpaid in July last year.