Fri, Mar 31, 2017 | updated 04:13 AM IST

HPCL, IOCL now welcome Ola Money to pay for fuel

Updated: Dec 02, 2016 12:29 IST

New Delhi [India], Dec.2 (ANI): Ola Money, the popular digital payment solution from Ola, will be accepted at over 20,000 HPCL (Hindustan Petroleum Corporation Ltd) and IOCL (Indian Oil Corporation Ltd) fuel pumps across the country.

Users can now pay for their fuel with Ola Money on Verifone enabled PoS devices in any of these fuel stations, with a one step mobile verification process.

Acceptance of Ola Money in major public utilities and now fuel stations across the country is a major step forward by large PSUs which are supporting the government's vision of a Digital India.

Ola Money is accepted at over 500 online and offline merchants, as well as for bill payments at over 25 major utilities across India

HPCL and IOCL amongst themselves serve over 70% of India's fuel needs with over INR 2000cr crores spent on fuel every single day across the country. By helping move a large chunk of payments for these spends to Ola Money, cash handling and change hassles are avoided at fuel stations, allowing faster servicing of customers.

With the increased recharge limit on wallets from Rs. 10,000 to Rs. 20,000 until 30 December, 2016, Ola Money is better positioned to facilitate convenient cashless transactions for citizens and merchants.

Pallav Singh, SVP & Head - Ola Money at Ola said, "We are honoured to have onboard, the two leading fuel companies in India, accepting Ola Money from millions of users for their daily fuel needs. Ola driver-partners, will also be able to pay for their fuel using Ola Money in all of these fuel stations, without having to use cash or their cards for payments.

We are working to bring more and more use cases for citizens to transact conveniently, without having to depend on cash. We are extremely delighted that some of India's largest PSUs like HPCL and IOCL are working closely with us, to take the mission of a cashless India forward."

G S V Prasad, Executive Director - Retail at HPCL said, "Over half a million drivers and millions of Ola Money users can now pay for their fuel at selected HPCL Retail outlets cashlessly. This will help save valuable time and effort from cash handling and change hassles, allowing us to serve us more customers. The increased convenience and ease of use that Ola Money brings is a win-win for everyone." He added, "Gradually this service will be rolled out at all our retail outlets across the country."

Dr. Subho Ray, President, IAMAI, said, "Popular new-age payment solutions like Ola Money are making it convenient for citizens to pay for a variety of their needs. Mobile payments will drive a majority of India's growth in cashless payments, and hence it's imperative for e-wallets to step up their efforts and partner with right stakeholders to enable a truly cashless ecosystem. We at IAMAI and through our flagship initiative with Payments Council of India, laud Ola's efforts in enabling a cashless economy through partnerships such as these and more, and supporting Government's decision of curbing black money and counterfeit currency."

The number of merchants and PoS accepting Ola Money has grown multifold over the last couple of weeks. As a digital payment solution that is uniquely positioned with high frequency usage and recharge by users, given the primary use case of the wallet, Ola Money is now being used across a wide range of use cases. With Ola Money, users are able to conserve cash for other essentials, at the same time, experiencing a seamless payment experience. Ola Money can be recharged using Net Banking Debit Cards or Credit Cards including MasterCard, VISA, American Express and RuPay. (ANI)

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