Uber an American multinational company headquartered in San Francisco has planned to come up with its own payment wallet in India. India is second-biggest business sector after the U.S. India would be the first nation wherein Uber would be propelling their payment wallet.
Amit Jain ,the President of Uber India said that majority of their transactions are through credit cards and debit cards in US but in India at present Uber accepts payment through the Indian Digital wallet PayTm, cashand Airtel Digital money. Clients will continue to pay money through these modes after the launch of payment wallet.
Uber’s turn to launch its own payment wallet comes after the Reserve Bank of India (RBI) fixed its security regulations commanding a two-stage verification process for Mastercard installments in august 2014.
Answering to a question whether the organization has approached the Reserve Bank of India looking for consent to launch its own payment wallet, Jain said, “We are not denying it,” and included the organization might go for its own wallet when it will achieve consistent installment experience from commuters.
“We all realize that 2FA (two-element verification) is in India today. 2FA arrives in light of the fact that it is for the security of the customers… that is RBI’s thinking.
“It has certain advantages additionally has disadvantages on the grounds that the consumer experience in entering different digits after a ride is lumbering. That doesn’t exist in the US. In this way, we will keep on assessing alternatives until we have consistent payment experience from the consumer which does not exist in India today,” he clarified.
Because of this reason, Uber had joined with Paytm to enable the cashless exchanges on its platform. Now according to the people familiar with Uber plans, the company is planning to offer a closed wallet that will not require RBI authorization.
Clients will have the capacity to transfer up to a maximum of INR 5,000 in their wallets. There has not been any official affirmation yet from the organization. It is likewise not clear whether its payment wallet will be restricted to paying for rides just or will be utilized for advanced installments over numerous stages, something which its Indian rival Ola has been doing.