Uber will once again be accepting payments via credit card in India after legislation forced the taxi company to develop a mobile wallet to manage transactions.
In August 2014, the Reserve Bank of India (RBI) enforced a piece of legislation that pressed international e-commerce firms to process credit card payments via an Indian bank.
Companies such as Uber would now have to use a two-step credit card verification procedure for processing payments.
As a result, the taxi company introduced a wallet-based payments option to its Indian service. The wallet system is powered by Alibaba-owned Paytm.
The wallet allows customers to essentially pre-pay for their rides in rupees by filling up their virtual wallet from a debit card or bank account.
On the 12th July however, Uber announced that it is teaming up with MobiKwik to reinstate credit card payments within the nation. The service is currently available for Android users only, but will soon be accessible for iOS devices.
‘‘You can now pay for all your Uber rides using international and Indian credit cards. Adhering to the RBI regulations, there shall be two-factor authentication flow built into the app and, we will need you to enter your online banking pin or one-time password before we can charge the fare to your card,’’ said an Uber spokesperson.
‘‘While we now accept credit cards. We continue to accept Paytm Wallet as a mode of payment,’’ continued the statement.
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