OLA Money announced that its is entirely switching to small PPI (prepaid payment instrument) wallet services, with a maximum wallet load restriction of Rs 10,000 per month starting April 1, 2024. The company sent SMSs to its customers informing them about this on March 22, 2024.
As per the SMS, from April 1 onwards, you will have the choice to provide your approval in order for Ola MOney to continue offering wallet services to:
- Change the Full KYC to Small PPI setting on your Ola Money wallet, or
- Shut off your wallet: Close the wallet after taking the full withdrawal, if any. There is no bank transfer fee.
According to the message sent to its customers, “We are transitioning completely to Small PPI wallet services with a max. wallet load limit to Rs. 10,000/- per month, eff. 1st April, 2024 onwards. You will be given the option to either convert your Ola Money Wallet from Full KYC to Small PPI or close your Wallet. Until you take this action, your wallet remains suspended eff. from 1st Apr’24.”
What is the change in internal policy?
In accordance with the change in internal policy at OFS, we are transitioning completely from Full KYC OlaMoney Wallet to Small PPI with a maximum wallet load limit to ?10,000/- per month effective from 1ST April, 2024. This change is applicable only for existing Full KYC OlaMoney wallet users.
Important FAQs about OLA Money wallet transition
What will happen to my Full KYC ola Money after April 1, 2024
Your wallet remains suspended effective 1ST April, 2024. In order to continue with our wallet services, effective 1st April, 2024, we request you to provide your consent either to:
Convert your Ola Money wallet from Full KYC to Small PPI with, or
Close of your Wallet: Withdraw the complete amount if any and close the wallet. Bank transfer charge is NIL.Difference between small PPI wallet and Full KYC OLA Money wallet
Feature | Small PPI Wallet | Full KYC Wallet |
Transaction Limit | ₹10K per month | ₹2L per transaction |
Peer to Peer Transfer | Not Allowed | Allowed |
Peer to Merchant Transaction | Allowed | Allowed |
Fund Transfer to Bank Account | Not Allowed | Allowed |
DO I need to take any action before April 1, 2024?
For smooth transition, it is advisable to have wallet balance as 0 as on 1st April, 2024. Wallet balance can be made 0 with either of the ways:
Utilize all the available balance in your wallet by 31ST March 2024. You can utilize this Ola cabs ride and on other 10K+ merchants
Withdraw the complete amount from your wallet on or before 31ST March, 2024. Bank transfer charge is NIL.
Features of OLA Money
Feature | Small PPI OlaMoney Wallet |
Transaction Limit | ₹10K per month |
Peer to Peer Transfer | Not Allowed |
Peer to Merchant Transaction | Allowed |
Fund Transfer to Bank Account | Not Allowed |
How can I close Ola Money
From 1st April, 2024 onwards, visit the OlaMoney section of Ola app or go to the OlaMoney app -> Click on Add Money -> Select the option to close your wallet.
Alternatively, you can send a request for closure on support@olamoney.com.
How can I convert my wallet to small PPI KYC?
From 1st April, 2024 onwards, visit the OlaMoney section of Ola app or go to the OlaMoney app -> Click on Add Money -> Select the option to convert your wallet to Small PPI.
What will be the wallet to bank transfer charges
We understand the inconvenience it may caused to you, henceforth we have made wallet to bank transfer charges as NIL.
What is the wallet load limit?
Monthly wallet load limit for Small PPI is ?10,000.
When will the wallet get suspended
From 1st April, 2024 wallet will be suspended until you take action on your Full KYC wallet. You will not be able to do any debit transaction from your wallet for your cab rides or on other 10K+ merchants.
Will wallet load remain blocked even after converting to Small PPI OLA Money wallet?
No, you can load your OlaMoney wallet until it reaches the monthly loading limit of Rs 10,000. If your wallet balance is more than or equal to Rs 10,000, you may not be able to load the wallet until your balance reduces to less than Rs 10,000.
What will happen if I either close my wallet nor convert to small PPI wallet?
Your wallet remains suspended effective 1ST April, 2024. All debit and credit wallet transactions will remain unavailable.