November 14, 2014
When it comes to a payments experience, the ‘Uber’ experience is hard to forget. This seamless payments experience requires one to simply add payment card details once, forget about paying your fare using a wallet and simply take the ride. But this payments experience is currently poised to re-model itself completely just for India where the ‘Uber’ experience can apparently not be the way to pay.
Uber has adopted another wallet system in order to comply with RBI’s (the Indian Central Bank) regulation which requires Uber to have two-step verification for card-based transactions. Users of the taxi app will now have to open prepaid virtual wallet accounts in order to make payments. Uber has tied up with Paytm for the mobile wallet service.