Now Apart from Cab Services, Ola will also Offer Mobile Banking

BENGALURU: Although the PM’s new attempt to curb black money is hitting the public with insufficient funds in the ATM’s, several alternative solutions have emerged to ease the situation. By enabling payment through POS machines, petrol pumps across the country are effectively contributing their part to reduce the length of queues in ATM’s. While Ola, on the other hand, decided to take a new turn in assisting people with demonetization. In a partnership with the State Bank of India (SBI) and Punjab National Bank, the company introduced POS machines in selected Ola cabs that allow people to swipe their debit cards and dispense cash.

According to the Business Insider, Ola’s test basis will be introduced in Kolkata and Hyderabad where taxis with bank officer and POS machines will be parked at different locations. One can dispense cash up to 2,000 per card. Ola’s Chief Operating Officer Pranay Jivrajka also claimed that the people are very responsive to the services, and the company is planning to expand the service to other cities.

The new service is likely to resume till end of the month with cabs stationing in different areas of Kolkata such as the Chandni Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and Rashbehari. Furthermore, in Hyderabad, cars carrying POS machines will be stationed at KBR Park, JNTU and Inorbit Mall over the weekend.

Talking about the demonetization issue, Ola also reports that its mobile wallet service has seen a 1500 pct growth recently as the number of trips paid in cash was relatively low. People now prefer using digital platforms like Ola Money and debit/ credit cards to address the issue pertaining to the cash flow.

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