Ola acquires Payments Firm Qarth to bolster their Virtual Wallet

    Ola has now acquired Mobile Payments firm Qarth in an attempt to bolster their Ola Money, a wallet which is primarily used by its customers for paying during rides and recharging their mobile bills. On the other hand, Uber, Ola's prime rival in India had tied up with payment portal Paytm for managing online payments.

    Ola acquires Payments Firm Qarth to bolster their Virtual Wallet

    The financial terms of the deal between the two startups has however not been disclosed as of yet. This new move is part of a number of changes Ola is making in their organizational structure. Very recently Ola shut down their experimental Ola Café and Ola Store divisions.

    Qarth, apparently is a Chennai based startup founded by Abhinav Srivastava and Prerit Srivastava. The payment firm offers a multi-bank IMPS solution via an app call X-Pay. This is backed by their tie-up with 26 leading banks across India which enables customers to make 'One-Touch' mobile payments and Money transfers.

    Ola acquires Payments Firm Qarth to bolster their Virtual Wallet

    As a result of this deal, the Qarth team will now join the existing Ola Money bandwagon in order to build a seamless payment solution for the leading cab hailing service in India. The X-Pay app however will continue to exist with Ola integrating much of its feature in their Ola Money app.

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    Ola Money was launched in November last year thereby enabling its users from doing stuffs than just paying for their ride using their wallet balance. The users of this wallet can now transfer money across account beside paying for their prepaid mobile bills.

    The mobile wallet space is apparently booming in the Indian startup markets. Recently Flipkart too bolstered their business by launching Flipkart Money in collaboration with FXMart. Besides that Amazon is also expected to launch its own Digital Wallet in the second quarter of this year.

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