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Uber To Launch Its Own Digital Wallet In India

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India has been an exception for Uber on many fronts. Be it the appointment of President for country operations or the introduction of cash payments, Uber has made many exceptions to its overall general global strategy in India.

Now, Uber is set to introduce its own digital wallet in the country which will also be the first of its kind for the San Francisco-based startup, reported ET.

At present, Uber accepts payment through the Indian digital wallet PayTm, cash, and Airtel Digital Money. Customers will continue to be able to pay through these modes as well after the launch of Uber Wallet.

In other parts of the world, Uber usually accepts payment through credit cards where users get automatically billed through their credit card details after the journey is over.

However, in August 2014, RBI had refused such feature in India as it is mandatory for all companies to use 2 step authentication where users have to enter a password everytime they want to pay through their cards.

Due to this reason, Uber had partnered with Paytm to enable the cashless transactions 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 authorisation. Customers will be able to upload up to a maximum of Rs 5,000 in their wallets.

There has not been any official confirmation yet from the company. It is also not clear whether its digital wallet will be limited to paying for rides only or will be used for digital payments across multiple platforms, something which its Indian rival Ola has been doing.

Ola had already launched its digital wallet called Ola Money in November last year. Ola Money, in addition to the payment of rides, can also be used to recharge mobile, send money to contacts, and for payments to other merchants such as OYO Rooms, Saavn, Lenskart, Zo Rooms, TinyOwl etc.


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