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Uber announced to launch mobile wallet for payments following RBI norms

Nov 13, 2014 15:14 IST

The taxi-hailing smartphone app Uber on 12 November 2014 announced to launch a mobile wallet in India.
The company is tying up with Paytm to offer the services of a semi-closed wallet to Indian consumers.
The semi-closed wallet option allowed customers to use the same wallet across the merchants supported by Paytm, without having to be restricted to Uber.
Until now, credit cards of Uber users were automatically charged at the end of the journey, a cashless payment method that had to be stopped after the Reserve Bank of India (RBI) insisted on a two-step authentication process for all card transactions.

RBI had given all such businesses till 31 October 2014 to comply with the regulation. The central bank had later granted the San Francisco-based maker of the ride-hailing application until 30 November 2014 to move to a new payment mechanism.
Uber’s competitors in the Indian market largely work on a cash-based model.
RBI’s move has lessened Uber’s differentiation from its Indian rival companies such as TaxiForSure, Meru Cabs and Olacabs that have in recent months also introduced mobile wallets.

 

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Read more Current Affairs on: taxi-hailing smartphone app Uber , mobile wallet , Paytm

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