Uber expands payment mode with UPI based facility in India
Uber
A report in The Economic Times stated that Uber will be partnering with Axis Bank and HDFC for UPI based payments
Uber is all set to launch the final phase of Unified Payments Interface (UPI) based facility allowing customers to use their unique IDs for ride payment.
The new payment option isin addition to the prevailing payment options that include debit/credit card, cash and paytm.
A report in The Economic Times stated that Uber will be partnering with Axis Bank and HDFC for UPI-based payments.
The company has already integrated UPI in July for Android users.Describing it as the 'first step', Uber said UPI to be the 'future of Indian payments'.
Various reports have also claimed that Uber may launch its own mobile wallet.
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Uber's rival Ola hadalso integrated UPI to its platform in April providing its customers an option called "Pay by UPI". Ola has also successfully launched its own mobile wallet, Ola Money, in November 2015. The digital wallet has emerged as a convenient payment method for a wide variety of use including peer to peer transfers.
A person familiar to the matter said, “It cannot be denied that there is a substantial volume of transactions which takes place in cash mode on Uber platform in India. But Uber is going to revolutionise the digital payments experience soon".
UPI was launched in August 2016 with 21 banks, and is currently being offered by about 53 banks.