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All you need to know about Ola Money Wallet

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Read on find out about the features and drawbacks of Ola Money Wallet.

A digital wallet is a online transaction facilitator. This can range from settling dues to purchasing items just by using an online gateway or by a mobile banking app. An individual can also link ones bank account to a wallet to increase functionality of a wallet. Money can be transferred to a wallet from a bank account in real time, vice versa.

An e-wallet requires both software and up to date hardware component to function in a most efficient manner. So in other words these wallets are maintained, stored, updated by a customer only. A customer is not required to fill out a form each time he makes a transaction because the information that was already stored in the software fills up all the required fields automatically. Consumers also benefit when using digital wallets because their information is encrypted or protected by a private software code; merchants benefit by receiving protection against fraud.

Ola money is just another gateway to the cashless world aiming to make payments hassle free and easy. Like all other e-wallets Ola money gives a heads-on competition to other mobile banking apps. The wallet has just collaborated with over 200 retailers across the country on categories like food, fashion, groceries, travel, health beauty and more.

If you are signed in with the Ola cabs app, no separate registration will be required – you are already have an Ola Money account .Ola Money will take all your credentials from Ola cabs app. If you are a new user, you need to signup using your mobile number and email id.

Ola money account could be opened without paying any fee unlike other online bank accounts. No service charges or hidden charges would be deducted from your balance once you start transacting

Ola primarily being a cab operator they have integrated Ola wallet with their cab rides a user can pay for his everyday cab rides after or during a ride. You can now add your UPI ID, Credit card or Debit cards on the Payments section of the Ola app and pay for your rides seamlessly.

Here’s how it works.

Add your card or UPI ID as a payment option
Select a card or UPI as payment option while booking a ride
Remember to complete the payment before the ride ends to avoid paying the fare in cash at the end of the ride

The wallet being not so popular yet is not accepted as a mode of transaction by all venders in the country but a complete list of all the merchants are available on the mobile app or log on to https://olamoney.com. Ola money would be available as a mode of payment during checkout when you shop with our listed partners like Bookmyshow, Pizza Hut and Dominoes etc.

The transactions at various points of sale will need sufficient Ola Money balance in your wallet to be completed. If you are short on Ola money balance, you would have the option of paying the remaining balance through your credit card, debit card or net banking.

The app provides with a feature to have check on your transaction history to monitor where and how much is a user spending. A monthly report is sent to a user about all that one paid and received during the course of particular months. All such services are provided without charging any service fee from the customer.

Cash backs and offers

All users are not eligible for cash backs and promotional offers. Usually customers over a certain level of rating get a notification for upcoming promo codes. A user would receive a communication that whether he is eligible for an upcoming offer

If you are eligible for a promotional offer and you use it against the specified seller. Then the amount would be refunded back to your Ola money account within 2-3 business days.

Security

Ola Money uses the best in class security system i.e. TLS 1.2 which prevents your account falling prey to hackers. Ola will never release any of your card details to anyone and they only use your email address and phone number for all your records. All your sensitive personal data would be stored in a secure, encrypted manner.

Ola Money is holistically not the best available e wallet at this point of time. The wallet has been under the process of improvement. However, in terms of safety and security of transactions, it is ranked above other payment wallets. Currently, Ola money is not being accepted by all the vendors like Paytm. But the company is spreading its roots and many online vendors have started accepting Ola Money as a payment means.