In a press release yesterday, Ola cabs announced that the company is launching UPI integration on its mobile apps to enable consumers to make hassle-free payments using UPI. UPI has been the recent choice of many in India for digital payments and even for payments at local stores.
Backed by government with the launch of BHIM app, UPI allows users to send and receive money in real-time. It taps right into users bank accounts to exchange money. It is not another wallet provider like Freecharge or Mobikwik.
UPI has been seeing over 1300 worth of transaction since launch, and this is set to grow even further with Ola cabs now bundling in UPI integration on their mobile apps.
In addition to the existing credit and debit card payments, cash and Ola Money payment options in the app, users can now start choosing UPI as a payment mode for their transactions.
Pallav Singh, SVP of Ola cabs, said,
Ola, we are committed to the shared vision of a ‘Digital India’; and extending the benefits of a cashless economy to more Indians will only further this vision. Payments through UPI will be much faster and convenient; and we will continue to innovate and adopt similar integration with other platforms to create a robust payment mechanism.
Using the UPI integration is easy. Once you are done with a ride, enter the your UPI VPA (Virtual Private Address) and you will be asked to authenticate the transaction with your UPI MPIN. Enter the MPIN and money will be debited right off your bank account.
With this launch, Ola is ahead of Uber cabs in India, offering better and healthy payment choices for consumers. Uber cabs has a relatively smaller subset of features in India - Paytm payments, credit and debit card payments and the recent launch of Jio money.
Users will start seeing the UPI integration on the Ola cabs apps in the coming days. The app provider is slowly rolling it out to all users.
While UPI might not look much of a difference for consumers at a glance, and is more or less similar to IMPS and internet banking payments, UPI is without doubt the future of payments industry in India. It taps right into your bank accounts, without a need for wallet or other middlemen in the path. UPI is a set of project build upon a set of guidelines that enables any user, of any bank, using any UPI app to use the feature.
The set of interoperability process guidelines enables this convenience. It’s a game-changing concept and is all set to become the norm.