BankTech

Digital Wallet News From India: Ola Standalone App; Oxigen Virtual Prepaid Card

Ola Launches Its Own Mobile Payments App Ola Money:

Payment is a difficult nut to crack and when it comes to India, bringing payments online is a much harder task. India’s largest cab hailing service, Ola aims to provide a smoother payment application to Indian customers. And today, the company took a step forward towards achieving this when it announced that it will be entering the mobile payments space with its own mobile app called “Ola Money.”

The dedicated mobile payments app will allow its users to recharge their mobile phones and send money to friends and family. According to the company, it will also introduce utility bill payments across online and offline merchants. The Ola Money app has been made recently available on Android and will come to the iOS and Windows platforms later.

“The launch of the Ola Money app is a big step towards simplifying payments for users across a wide range of products and services they use every day! 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 payments solution,” said Bhavish Aggarwal, Co-founder and Chief Executive of Ola, in the press release.

The company is trying to explore different ventures through its application. Ola has already marked its presence into a food delivery service called Ola Café and an independent grocery-ordering app called Ola Store.

The main strategy behind the launch can be to lure the Ola Money customers into using its other application as well which will help the company in broadening its market. In October, Ola also acquired a minority stake in ZipCash Card Services Pvt. Ltd., a company with a wallet license from the Reserve Bank of India (RBI).

Digital Payment Company Oxigen to Launch Virtual Prepaid Cards in India:

Digital payments and mobile wallet company Oxigen is expected to soon launch virtual prepaid cards in India. Currently, the company is in talks with Visa, MasterCard and RuPay. The company plans to launch the cards within the next one month. Like other cards, Oxigen's virtual prepaid card will have a 16-digit number, a CVV number and a validity period.

Oxigen was one of the first wallet solutions to be launched in India and has a large retail network of more than 200,000 outlets.

"We want to launch our virtual prepaid cards with Visa right now and eventually we will be doing it with RuPay and maybe even MasterCard, in order to give a full spectrum of options to consumers," Ankur Saxena said to ET, India. "We are doing final testing of the product and making minor modifications based on feedback. It should be out very soon."

"Today, a wallet is accepted at a merchant's platform only if the merchant has agreed to accept it. This (virtual prepaid card) allows us the freedom to have the wallet accepted anywhere a Visa, MasterCard and RuPay gets accepted. We don't want our wallet to be limited to X number of merchants; we want it to be used everywhere," Ankur added.

The company’s virtual card will have a limit similar to that of the mobile wallet system. If the user is holding Rs. 10,000 or less in his account, only mobile phone number verification and email verification is required. For a higher amount, the user needs to submit his/her full KYC documents, which are required while opening a bank account.

Priti Thakur

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.

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