Ola Beating The Cash Crunch by Letting People Ride Now and Pay Later Scheme

Ola recently launched a credit feature that will allow the users to take a ride and pay within next 7 days. The move by the company came because of the ‘low on cash’ problem that everyone in the nation is going through after PM Modi’s decision to demonetize Rs 500 and Rs 1000 currency notes.

The decision by Ola will definitely decrease the suffering of daily commuters who were opting for a leave to be a part of the long queue outside a bank that everyone is witnessing these days.

In the absence of Rs 500 and Rs 1000 notes, people are witnessing a shortage of Rs 100 currency notes which has led to cash conservation. The Government has also failed to meet the demand of Rs 100 currency notes which has led to numerous people queuing up in front of banks and ATMs.

People can pay their bills through debit or credit cards, e-banking and through Ola money wallet within seven days, however, this service will be available for limited persons after checking their transaction history.

The process of booking your ride will remain the same and you just have to select the ‘Ola Credit’ option while booking.

The move by Ola has been a great success as companies like Larsen & Toubro and IBM have already subscribed to Ola Credit Feature for business purposes.

With India moving towards a ‘Cashless Economy’, this move by Ola will definitely encourage other companies to follow suit. Uber, Ola’s closest rival, will have the centre stage for the next few days because the company has a tendency to change its policy according to Ola. The same was seen last year when Uber started accepting cash payment after Ola’s success with cash based payments.

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18 November 2016
Rohan Jaitly