Ola acquires Chennai-based Qarth Technologies for payment solutions

March 23, 2016: Taxi-aggregator Ola has announced acquisition of Chennai-based Qarth Technologies, an IIT Madras incubated start-up that offers multi-bank mobile payment solutions.

Teams of Qarth and Ola money will join hands to further build cutting edge solutions to provide a seamless payment experience for users, Ola said in a statement.

After launching a standalone app for Ola Money in November last year, Ola's acquisition of Qarth is aimed at doubling its mobile wallet and payments business. 

Ola is already investing on building digital payment solutions that will help create a seamless experience for users and merchants, it said.

"With the acquisition of Qarth, we are also making significant technology investments to build forward looking digital payment solutions for the ecosystem," Pallav Singh, senior vice president and head, Ola Money, said.

Qarth’s X-Pay app (Android-only) integrates with some 26 banks in India, providing those who have accounts at these banks to use the app to make “one-touch” mobile payments or money transfers.

Ola Money has also partnered with Mumbai Metro to enable commuters to recharge their metro cards using the Ola Money app and is the exclusive digital payment partner for the Rajasthan State Road Transport Corporation.

Source : BS Motoring