In a first, Ola launches credit for ride-share

Ola announced the launch of Ola Credit today,and yes, you read that right!

It is a unique postpaid service to enable users who can now pay later for their rides. There’s a catch- Ola Credit enables commute to only key corporate clients like L&T, Siemens, IBM among many others and high-frequency customers, which means new users might not be able to avail this service anytime soon.

Ola Credit will give customers 7 days of credit so they can keep booking Ola cabs without worrying about having sufficient cash in their wallet or in banks. Ola Credit can be repaid via net banking, debit or credit cards easily within a period of 7 days.

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Raghuvesh Sarup, Chief Marketing Officer, and Category Head at Ola talked to Business Insider about how the company will settle dues if unpaid,’ We are only providing this service to our trusted customers and corporate partners. If for some reason, the payment isn’t made within 7 days, we will remind the user and make sure that our patronage isn’t affected.’
Ola Credit, if used right, can play an important role in the movement of a large number of low-value transactions online, allowing people to conserve lower denomination currency for their other important daily needs.

So how does it work?

A customer can select ‘Ola Credit’ as their payment option while booking a ride. The 7-day credit cycle begins from the date of the first credit ride. A customer will be able to clear dues using Ola Money, within the credit period of 7 days.
This is a great way to track your weekly cab expenses and pay them according to the time of the month when your credit cycle might be going haywire.