As demonetisation dries up cash, Ola launches Ola credit

Technology-based on-demand cab service company Ola on Wednesday launched a new credit service for consumers as the country faces cash crunch due to demonetisation.

Technology-based on-demand cab service company Ola on Wednesday launched a new credit service for consumers as the country faces cash crunch due to demonetisation.

Technology-based on-demand cab service company Ola on Wednesday launched a new credit service for consumers as the country faces cash crunch due to demonetisation.

"Ola Credit will give customers seven days of credit so they can keep booking Ola cabs without worrying about having sufficient cash. Ola Credit can be repaid via net banking, debit or credit cards through Ola Money which is anyway integrated into the app. Ola Credit enables hassle-free commute to key corporate clients and high-frequency customers together," the company said in a statement.

However, Ola will extend credit to users on a select basis depending on customer's transaction history. Also, the credit period will start from the first time the consumer avails a credit.

The company also said that several other companies had adopted the new credit feature including corporates like L&T, Siemens and IBM.