22 March, 2016, Bangalore: Ola is moving its operations very aggressively in India. As the competition is getting tougher, the company is enhancing it services to provide an extra comfort zone to its customers. In its recent move, Ola has acquired mobile payment startup Qarth to strengthen its mobile wallet Ola Money. However, the company has not yet disclosed the details of the deal.
Chennai-based Qarth had developed a multi-bank IMPS (Interbank Mobile Payment Service) mobile payments application that facilitates mobile payments to any IMPS enabled bank account across India, reports ET.
Till now, company has joined hands with 26 banks to provide ‘One Touch Payment’ technology to its customers (claimed by the company). With the help of this technology, users can not only make payment but can opt for other banking services such as money transfer, bill payments etc. It was incubated in IIT Madras’ rural technology and business incubator.
Speaking about the acquisition, company told, “The app will continue to exist and its technology will also be integrated into Ola Money to provide a similar functionality to its users. The entire Qarth team including co-founders Abhinav Srivastava and Prerit Srivastava will however join Ola Money.”
Recently, company has called of its services related to online food and grocery delivery as it wants to concentrate more on its taxi operations.