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Uber announces wallet-style payment system in India to comply with RBI regulations

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Ever since Uber stepped into the Indian market, it has been facing severe regulatory restrictions from RBI over its payment mechanism. To comply with the authorities, uber has now introduced wallet-style payment in partnership with PayTm.

Although uber hasn’t specifically mentioned as to why it is introducing such a system, but the exclusiveness of the system to India and its recent regulatory spat with the RBI have made it more than clear, that it has been introduced to comply with RBI’s regulations.

Announcing the new system on its Blog, uber says,

Today, we’re excited to announce that you can now pay for Uber rides with your debit card, net banking or credit card. Choice is a beautiful thing. The variety of payment options now available in India ensure that you’ll always have both the ride, and the payment option you prefer.

Once you link your debit card or bank account via a Paytm wallet to your Uber account, you’ll easily be able to top up your wallet using multiple payment options.

As to how this system works, here’s a detailed step-by-step guide, available on Uber’s blog :

1. The Paytm wallet option is currently available on Android and iOS. Existing users can follow the simple steps below to transition to the new payment option
2. When you register with Uber, you’ll be prompted to add a payment profile. If you already have a Paytm wallet, you may link it to your Uber account.
3. Click on ‘Payment’ to find your wallet. Then click on ‘Add Money’. The minimum recharge value is only Rs. 100
4. Recharge your wallet whenever you want by using your credit card, debit card or your NetBanking account.

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Once the recharge is successful, you can pay for your uber car by using the PayTm wallet option, available alongside other options in uber’s payment windows.

Uber has made an intelligent choice, by partnering with an indian service for its Wallet system. This, not only saves the cab company from long standing government queues of approval, it also gives Uber, access to a larger user base, thanks to PayTm’s ever expanding out reach in the country, specially amongst the youth.

The new system has been rolled out instantly, and can be accessed via both Uber’s and PayTm’s website.

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.

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