US-based cab service provider Uber is planning to come up with its own mobile payment wallet in India, according to sources. It is planning to apply to RBI for the licence.
At present, consumers can pay for Uber trips via Paytm wallet. It recently tied up with Airtel Money to facilitate payments via the latter’s wallet as well. The latest plan is in line with the firm’s ambition to make India its second biggest market after the US. It recently entered four new Indian cities, taking its tally to 22 cities.
“It would be a natural progression for Uber in India given the importance it attaches to Indian market.The growth plans will get a further boost if it gets the nod from RBI for a semi-closed wallet ,” a source close to the development said requesting anonymity .
When contacted, a spoke sperson of Uber declined to comment on the matter. According to reports, Uber`s rival Ola is also planning to apply for its own mobile wallet license.
At present, rules laid out by RBI does not give permission for marketplaces to offer closed wallets on their respective platforms but a semiclosed wallets can offer digital payment of cash to several merchants on a marketplace. Uber connects drivers to consumers using its technology and a semi-closed wallet would ensure Uber is abiding by the law of the land.
In India, the three leading app based cab service providers -Ola, Uber and Meru Cab -do not have their wallets and have tied up with mobile payment wallet companies such as Paytm and Mobikwik, which possess the licence.
source- economics times