Uber launching private Digital Wallet, exclusively for India

Posted on Mar 5 2016 - 3:52pm by JayB

Uber Wallet

Uber, the 48th most powerful company of USA is undertaking new measures to progress their customer satisfaction graph and make their can hailing app more customer driven. Under this, Uber is launching their privately owned digital wallet, for customers across India. Until now, the customers worldwide had been using credit cards as the default mode of payment, but with the launch of the new app, it may become a passé. In India, Uber customers had to rely on modes like Paytm wallet or Airtel wallet for payment, however, both with will a thing of history now, as Uber is launching its own digital wallet across India.

Infact, as per the recent data, India would be the only country to be introduced to the exclusive digital wallet of Uber.

The reason for the launch of Uber Digital Wallet

Going by the reports, the Reserve Bank of India imposed a two step authentication process for all the credit card holders, and Uber was in the line of introducing their digital wallet since then. Using the Uber digital wallet would not require the two step authentication imposed by the RBI. The rule by RBI is effective since August 2014, after which Uber partnered with Paytm to work accordingly. Gradually, Airtel money and cash payments were introduced to make the payment procedure easy. The Managing Director of Uber shares this about the recent developments “Uber has been working on the closed wallet feature (since) right after the RBI mandate was given. It will still continue working with other (digital) wallets.”

How will the Mobile Wallet Work?

The user will be able to store a maximum amount of Rs5000 per month in the Uber digital wallet. However, there has been news that NPCI will launch Unified Payment Interface (UPI) shortly, which may gradually kill all the private mobile wallets in the country. UPI’s flexibility and innovation may soon lead it to become the one-stop digital payment solution for the customers. Under such a circumstance, the introduction of Uber private wallet sounds like quite a futile idea. Downloading the Uber digital app separately just to make payments for Uber is quite far stretched. Although, if Uber integrates the UPI into their private digital wallet app, it will be a different game altogether.

Lets us just hope these technological innovations make Uber easier for the customers to use in India, and not complicated.

About the Author

JayB is a tech enthusiast with a passion for gadgets and latest technology.

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