Uber plans its own mobile payment wallet in India
02.09.2015 267 views
US-based cab service provider Uber is planning to come up with its own mobile payment wallet in India, according to sources, online media outlet The Times of India reveals.
According to the source, Uber is planning to apply to RBI for the licence. At present, consumers can pay for Uber trips via Paytm wallet. It recently tied up with Airtel Money to facilitate payments via the latter's wallet as well. The latest plan is in line with the company's ambition to make India its second biggest market after the US. It recently entered four new Indian cities, taking its total to 22 cities.
At present, rules laid out by RBI does not give permission for marketplaces to provide closed wallets on their respective platforms but semiclosed wallets can provide digital payment of cash to several merchants on a marketplace. Uber connects drivers to consumers using its technology and a semi-closed wallet would ensure Uber is abiding by the law of the land.
In India, three app-based cab service providers, namely Ola, Uber and Meru Cab, do not have their wallets and have tied up with mobile payment wallet companies such as Paytm and Mobikwik, which possess the licence.
Source: The Paypers