Ola has acquired mobile payment startup Qarth to strengthen its mobile wallet Ola Money. Qarth, which runs a mobile payments app called X-Pay, However, the company has not yet disclosed the details of the deal. Chennai based Qarth had developed a multi bank IMPS (Internet bank Mobile Payment Service) mobile payments application that facilitates mobile payments to any IMPS enabled bank account across India. Users can now use Ola Money to pay and recharge their Mumbai Metro smart cards, Ola Money said in a news release. The company also announced that it has tied up with the Rajasthan State Road Transport Corporation (RSRTC) as an exclusive online payment partner.
Founded in 2012 by Abhinav Srivastava and Prerit Srivastava, Qarth, runs a mobile payments app called X-Pay, which is a Multi Bank IMPS Mobile Payment application. The application facilitates mobile payment to anyone with IMPS enabled bank account across India. After the acquisition, the co-founders will join Ola Money along with their present team. a mobile payments app called X-Pay, is Ola second investment in the payment space. The company had picked up a minority stake in ZipCash Card Services Pvt. Ltd, a company which has a wallet licence from the Reserve Bank of India, in June last year.
Anand Subramanian senior director at Ola said:
“With acquisitions like Qarth, 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.”
Ola 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.
Ola acquires Chennai-based Qarth Technologies
— Yash (@AficionadoYash) March 22, 2016
Ola Money acquired Qarth, a start up and the developer of the X-Pay app that allows users to make payment through Immediate Payment Service (IMPS).
Image Source: iamwire.com