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.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
