Is Uber about to launch its own mobile wallet in India?

The US-based taxi app is working on its own mobile wallet in India, a move that suggests the company is intent on making the country its second biggest market after the United States, according to reports.

The Times of India cites sources that say Uber is about to apply for a wallet licence from RBI.

As it stands, the RBI does not allow for marketplaces to offer closed wallets as part of their services. However, semi-closed wallets are allowed to offer digital payment of cash to several merchants on a marketplace.

The legislation means that India’s top three cab companies, Uber, Ola and Meru Cab do not their own wallets and instead have to use the likes of mobile wallet companies such as Paytm and Mobikwik, which do have the requisite licence.

Uber is currently using Paytm wallet and more recently also Airtel Money’s wallet to process payments, but – as the Times of India quotes an anonymous source – its own wallet would be “a natural progression for Uber in India given the importance it attaches to Indian market”.

The company has so far declined to comment on the reports.

There are also rumours that Ola,  Uber’s biggest rival in India, is also lining up its own wallet.

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