The taxi hailing application Uber is the most valuable startup firm in the world. It has planned to launch a Uber digital wallet service in India after San Francisco where the company is based at.
This closed digital wallet is meant to allow payments for the rides that are hailed on Uber alone. This will mark a different approach from the worldwide practice that Uber is following by accepting payments using credit cards. This way, the options that are available for the Indian customers will be extended. Already, it was possible for customers to pay by card, Airtel Money and Paytm digital wallets and with cash.
As per a source aware of the development, Uber has been prepping the wallet feature right after the mandate from RBI was given. It will continue working with the existing digital wallets even after the launch of its own wallet. In 2014, the RBI mandated a rule that a two step authentication is necessary for the credit card payments for the foreign companies such as Uber.
People privy Uber plans and stated that the company will offer a closed wallet which will not need the RBI authorization and commuters can upload up to Rs 5,000 in their wallets.
As of now, the Paytm Wallet lets its users to upload a maximum amount of Rs 10,000 per month. Moreover, the wallet can be upgraded using additional documents. There are digital wallets that can be used to make offline and online payments and to withdraw cash as well.
These days, the digital wallets are offering a critical feature, especially for the consumer internet and e-commerce companies that look out for options to wean the customers from the cash payments that are followed for ages.
However, there is no confirmation or official announcement from Uber regarding the launch of a closed digital wallet and we need to wait for the same.