Ola’s Second Investment In Mobile Wallet- Acquires Payment Firm QuarthMarch 22, 2016 2016-03-22 11:20
Ola’s Second Investment In Mobile Wallet- Acquires Payment Firm Quarth
Quarth, which runs the mobile payments app X-Pay has been acquired by taxi hailing app Ola on Monday.
X-Pay, a mobile payments app which is run by Quarth, is second investment for Ola after the company had picked up a minority stake in ZipCash Card Services Pvt. Ltd, a company which obtained a wallet licence from the RBI last year.
“With acquisitions like Quarth, we are investing in building seamless digital payment solutions. As we work towards our mission of building mobility for a billion people, we will continue to build the best in class payment experience for our users,” Anand Subramanian, senior director, marketing communications, told Techcrunch.
X-Pay will remain active on Android market, but there will be a technology integration into Ola money. Founders of Quarth will most likely join Ola money.
Ever since X-Pay went live in December 2014, it has had between 10,000 and 50,000 installs, relatively lower compared to wallet biggies.
Despite wallet payments being not very ubiquitous in India, taxi companies are slowly migrating to cashless system as such services throws open an additional revenue stream for Ola and such digital transactions will enhance efficiency in payments, as well as retain its existing user base.