Demonetisation: Ola Money sees 15-fold rise in wallet recharge

The surge in recharges was seen between 8:30 PM till midnight.

By: PTI | Mumbai | Updated: November 9, 2016 8:18 pm
Demonetisation, 500 rupee Demonetisation, 500 rupee note ban, 1000 rupee note ban, 1000 rupee Demonetisation, ola, ola wallet recharge, ola money, ola cabs, business news In many smaller towns and cities across the country, which have predominantly been high on cash usage, there has been as much as 30 times growth, Ola Money said. (Source: file)

Digital payment solution Ola Money, part of taxi aggregator Ola, Wednesday reported over 1500 per cent increase in recharges across 102 cities of its operation in past 15 hours after government withdrew circulation denominations of Rs 500 and Rs 1,000 currency notes in a major move against black money and graft. The surge in recharges was seen between 8:30 PM till midnight.

WATCH VIDEO: Rs 500 & Rs 1000 Illegal: Scuffle At An ATM With People Queuing Up To Withdraw Money

In many smaller towns and cities across the country, which have predominantly been high on cash usage, there has been as much as 30 times growth, Ola Money said. This includes cities like Nagpur, Chandigarh, Bhopal, Lucknow, Patna, Ahmedabad, Coimbatore, Jaipur, Indore etc. A majority of rides are being paid for using Ola Money as against cash across India.

“Within the past 15 hours, we have seen a growth of over 15 times on Ola Money recharge…This move marks the beginning of a significant step towards a cashless economy and Ola Money is at the forefront of our vision of a Digital India,” Pallav Singh, SVP & Head – Ola Money said. Ola Money is also accepted at over 500 offline and online merchants across utilities, food, entertainment, ticketing and travel, recharge, shopping etc.

Recently, Ola Money also partnered with Mumbai Metro to help commuters recharge their prepaid metrocards and RSRTC- the Rajasthan State Road Transport Corporation as their exclusive digital payment partner, to book tickets online,using Ola Money.

WATCH VIDEO: Government Says New Currency Notes In ATMs From November 11

Additionally, Ola Money has also partnered with merchants like, Pizza Hut, BookMyShow, IRCTC, Dominos, Cleartrip amongs several others.