The taxi-hailing and payment app Uber has been given a one month extension to bring it its Indian operation in line with compliance requirements after coming under fire from the Reserve Bank of India (RBI) in July.
The RBI insists on a two-step credit card verification procedure for processing payments, which the $18 billion American start-up had failed to implement. After taxi drivers complained direct to the bank, Uber was initially told to address the issue by tomorrow, October 31st.
However, Uber today told the Times of India: “The RBI has generously granted us an extension until November 30, 2014, to give us sufficient time to migrate to a new payment mechanism, and ensure that consumers enjoy uninterrupted usage of our technology platform.”
Uber is essentially a smartphone-based taxi marketplace that links up customers to drivers willing to take them to their location for a particular price. The app stores user credit card details internally and payments are often processed outside of the country of use, meaning that they have fallen foul of regulatory requirements around the world.
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