Despite regulatory hurdles, Uber has resumed accepting credit and debit card payments for its transportation service in India.
“Earlier, Uber had run into regulatory hurdles with the Reserve Bank of India (RBI) raising objections to its payment system as it had not included the two-step authentication process and was asked to comply with the regulatory norms.
Following the RBI order, Uber changed its payment method and partnered with an India-based virtual wallet provider, Paytm.
With the new option being made available, users now need to tap on the credit card option, add their credit or debit card details and make a fully secure two-factor authenticated (2FA) payment”
The updated payment capability is being powered by mobile payment service provider Mobikwik:
“We are delighted to partner with Uber and bring India’s best mobile payment experience to Uber users. Our solution takes the complexity out of mobile payments, making them easy and seamless,” MobiKwik founder and CEO Bipin Preet Singh said.
Overview by Alex Johnson, Sr. Analyst, Credit Advisory Service at Mercator Advisory Group
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