Uber India has added Unified Payments Interface to its system. The US-based company today launched UPI integration in partnership with National Payments Corporation of India (NPCI) and banking partners Axis Bank and HDFC Bank.
Launching the integration, Union Minister of Electronics and Information Technology and Law & Justice, Government of India, Ravi Shankar Prasad, said, “India’s digital economy will become a $1 Tn economy in the next five years. India’s digital payments economy alone will be bigger than $500 Bn. Integration of Uber app with UPI-BHIM will boost the digital economy of India.”
When Uber entered India in 2013, just like other countries, it mandated a credit card registration for payment of rides. Later, after RBI made it mandatory for companies to follow a two-step authentication process for credit card transactions, the company tied up with Paytm to offer the services of a semi-closed wallet. Later in 2015, it also added a cash payments option on the ride hailing app.
The UPI integration in partnership with Axis Bank and HDFC Bank, users can now pay Uber fares through cash, Paytm, debit/credit cards as well as UPI interface.
Talking about the move, David Richter, SVP-Global Business, Uber said, “Uber, like several other tech companies in India and around the world, depends on consumers being able to frequently make low-value payments with minimal friction. UPI integration will bring millions of riders and driver partners into the digital payments ecosystem, offering them another secure and seamless payment interface and bolster the nation’s digital payment revolution.”
David reaffirmed that India is one of the biggest focus markets for Uber, outside of United States. Currently Uber is available in 500+ cities across 73 countries. In India, the service is available in 29 cities.
Uber UPI Integration
Uber had started the pilot for UPI payments in July 2017 with a limited set of users. From today, the service will be available to all the Uber users. While the BHIM App integration in partnership with HDFC Bank for the driver partners’ app will be done later.