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Bike rental app ofo asks users to transfer its deposits to PPmoney

Nov 25, 2018 by The Passage Team
Bike rental app ofo asks users to transfer its deposits to PPmoney

Bike rental firm ofo began urging its users to transfer their existing deposits in the app to online loan platform PPmoney as part of a commercial agreement with the lender.

ofo last year increased its deposits for new users from RMB 99 ($14) to RMB 199, though existing users were not affected. Now, riders who have not upgraded to the new deposit tier have been presented with an in-app pop up prompting them to convert their RMB 99 deposit to a RMB 100 asset in the PPmomey ecosystem in order to enjoy deposit free rides. PPmoney has a 30-day lock-in period in which users don’t have access to their money. However, the company claims that once the time has lapsed, users can withdraw the deposit with interest.

Source: Technode

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