India’s leading taxi-hailing app, Ola, will offer its mobile wallet as a standalone app, so ramping competition in the country’s payments market.
Ola Money has over 40 million users. In August, the firm announced partnerships with various e-commerce retailers through which its users could make purchases.
Separating the wallet as a standalone app positions Ola as a potential rival to the likes of Paytm and other Indian payment firms.
Rival Uber is thought to be working on a mobile wallet for the Indian market, although it is unclear if it would also enable payments to third parties, such as e-commerce merchants. Currently, Uber has a partnership with Bharti Airtel, part of which involves accepting payments via its Airtel Money wallet.
As well as e-commerce transactions, Ola Money will also enable users to pay bills, top up pre-paid mobile accounts and transfer money using its wallet app.