In a groundbreaking development, the renowned ride-hailing giant, Ola Cabs, has declared the introduction of an in-app payment innovation utilizing the Unified Payment Interface (UPI) plug-in. This cutting-edge feature empowers riders to remit payments directly within the Ola application.

Bhavish Aggarwal, the visionary founder and chief executive officer of Ola, shared the exhilarating news on X (formerly Twitter) on November 30th, emphasizing the overhaul of the digital payment experience during Ola cab journeys. The UPI functionality is poised to seamlessly integrate into the Ola app, presenting a paradigm shift in the daily utilization of UPI.

Anticipated to go live at the culmination of the current week in Bengaluru, this avant-garde feature is slated to be accessible nationwide by the conclusion of December. This groundbreaking advancement allows users to effortlessly create their UPI ID and directly link their bank accounts to the Ola App, facilitating payments without the need for third-party applications.

In a bold departure from conventional payment methods, users simply input their designated UPI PIN post-ride, ensuring a secure and straightforward transaction process. This innovative approach eradicates the tedious task of entering card details, IFSC codes, or recharging wallets, streamlining the payment experience for customers while ensuring the highest level of safety, as highlighted in the company’s blog post.

The blog post also outlines an alternative payment method where customers can utilize a QR code presented by the driver on the Ola app. This strategic move is poised to enlist over 2 million Ola drivers into the ranks of UPI merchants, significantly expanding the adoption of this cutting-edge payment methodology overnight.

Namma Yatri, a recent entrant in the ride-hailing landscape in Bengaluru, mirrors this feature using JusPay’s prowess. This feature allows users to execute direct payments to drivers, bypassing the need for third-party applications like PhonePe or Gpay, thereby aligning with the evolving trends in the industry.

The surge in the adoption of the UPI Plug-in has been noteworthy since the National Payments Corporation of India (NPCI) introduced the service in July 2022. Termed the UPI Plugin or Merchant SDK, this innovative software development kit empowers online merchants to integrate a virtual payment address seamlessly, revolutionizing the payment landscape.

Esteemed platforms such as Swiggy and Zomato have seamlessly integrated this service into their frameworks, exemplifying the transformative potential of the UPI Plugin. Recognized payment gateways like PayTm, Razorpay, and JusPay have also joined the bandwagon, launching their own UPI Plug-In products. A significant milestone was reached in May 2023 when Razorpay unveiled Turbo UPI in collaboration with Axis Bank and the National Payments Council of India (NPCI).

In parallel, PayTm introduced an UPI SDK in the same month, enabling existing merchants to embrace direct payments within their applications. These pioneering products collectively aim to expedite UPI transactions, minimizing the risk of payment failures and enhancing the overall efficiency of digital payments.

Prior to the advent of the UPI Plugin, merchants seeking to integrate UPI payments had to adopt the role of a Third-Party App Provider (TPAP) akin to Google Pay or PhonePe, illustrating the transformative impact of this novel payment paradigm.

All the information provided above is not written by Escape Title; it is sourced from various reputable outlets. Foundr Magazine India.