Uber India Ties Up With Paytm To Comply With RBI Regulations

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The on demand taxi booking service Uber has finally partnered with Noida based digital payment service provider Paytm for accepting payments from its clients. Uber was noticed by the Reserve Bank of India to comply with its two factor authentication process for accepting credit card payment from the clients.

Uber in a blog post announced that “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.”

The users now have to link their Paytm account wallets with the Uber application to make payments for their rides. The fare will be automatically deducted from the Paytm wallet after each ride. The Paytm wallet option is available on both iOS and Android Uber applications.

Uber Paytm Wallet Tie-Up

Till now Uber was storing the user’s credit card details in without having two factor authentications which is mandatory by the RBI to accept any domestic credit card transactions. India is the first country where the company made such tie-up to accept payments from the riders.

“With the Paytm tie-up more than 600 million people who have bank accounts and net banking, will be able to enjoy the seamless and the cashless experience that credit card users experience with Uber. It’s a fully in-app wallet customised experience, which is a great example of the importance of the Indian market,” told Allen Penn of Uber to ET.

An engineer by education and an entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.