Future of Ola Money Wallet and Ola Money SBI Credit Card from April 1, 2024

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Generous
sahil1033

I received the following email from Ola Financial Services (OFS) a few days ago regarding Ola Money wallet :


IMPORTANT UPDATE REGARDING YOUR OLAMONEY WALLET


Dear Customer,

We hope this message finds you well. We're writing to inform you about an important update in our policy regarding your Full KYC OlaMoney wallet.

We are transitioning completely to Small PPI with a maximum wallet load limit to ₹10,000/- per month, effective from 1st April, 2024. In order to continue with our wallet services, from 1st April onwards, you will get an option to provide your consent either to:

Convert your Ola Money wallet from Full KYC to Small PPI, or
Close of your Wallet: Withdraw the complete amount if any and close the wallet. Bank transfer charge is NIL
Please note, until you take this action, your wallet remains suspended effective 1st April, 2024.

For OFS, you have been the valuable customer, to make this transition smooth, we would like to advise you that:

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
For closure of wallet or withdrawal of amount from wallet before 1st April, 2024, you may write an email to our customer service team on [email protected]. Our team will assist you on the same.

We apologize for any inconvenience this may cause and appreciate your understanding and cooperation. Should you have any questions or need further assistance, please do not hesitate to contact our customer support team on [email protected]

Thank you for being a loyal OlaMoney customer.

Warm regards,
Team OlaMoney


Although I don't use Ola Money wallet since the 7% cashback trick stopped for Ola Money SBI CC but I do have the CC active since it was offered to me LTF. I would actually like to get the wallet closed altogether but I'm keeping the Ola Money SBI CC since it's useful in instant discount during SALEs.

I don't see any changes from Ola Money SBI CC's side if one closes the Ola Money wallet.

I guess there would be some people in the same boat as I am. What's your take on this?

I was actually thinking to get SimplyCLICK CC LTF in exchange of Ola Money SBI CC LTF I have. Will SBI Card do this? 

I currently have Cashback CC and Ola Money CC (LTF). I really don't find any use of Ola Money CC except for the fact that it's LTF now and comes in handy during SALEs. Any suggestion related to my SBI CC portfolio is appreciated.

17 Comments  |  
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Post Emperor Post Emperor
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How will be the spends on ola sbi will be rewarded if their wallet is closing?

Generous Generous
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@coolkish7 ... below 2 options have been provided :

1. Convert your Ola Money wallet from Full KYC to Small PPI, or

2. Close of your Wallet: Withdraw the complete amount if any and close the wallet. Bank transfer charge is NIL

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Helpful Helpful
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Where all ola wallet is accepted? I don't see many options

Hunk Hunk
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Snapay.

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Deal Newbie Deal Newbie
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Maybe yes maybe no = Maybelline 🙂

Benevolent Benevolent
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I didn't receive any mail and I have about 100 INR in my Ola money wallet. How to use it completely, so that I can close it. It doesn't have CC pay option. No other bills are pending for this month. 

Deal Captain Deal Captain
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@baludesi @satraghav @sahil1033 Check my last comment 

Deal Cadet Deal Cadet
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Are we able to withdraw funds from ola ppi to bank without charges? Have excess of 10k funds and trying to figure out if I should close and get fund in account vs. converting to ppi account..

Deal Captain Deal Captain
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Was able to withdraw only 9999 last month. This month converted to small ppi wallet. Withdraw option not allowed now

Generous Generous
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UPDATE :

Upon contacting SBI customer care, they told me that Ola Money SBI CC can't be upgraded to any other SBI CC, so, only way is to apply for a fresh CC and get this one closed.

Meanwhile, I got caught up in other things that I neither took a decision on whether to close Ola Money wallet or get it converted to small PPI. I'm planning to get SBI SimplyCLICK and later on close Ola Money SBI CC but this will take some time, not immediately. SimplyCLICK is no bullshit and simplest core SBI CC which doesn't disappoint, right?

@coolkish7   @mysalemo771 @sri222 @satraghav @undertaker007 @baludesi @sb210

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