Uber to launch own payment wallet

Uber is evaluating options to have its own payment wallet as it finds the two-factor authentication system imposed by RBI "cumbersome" for riders while making payments through credit or debit cards. Amit Jain, the President of Uber India also said the app-based taxi service provider may also launchUberPool and UberCommute in some of the metro cities during this year.

"In the US, the majority of our transactions or all the transactions are through credit cards and debit cards. In India, we have a much wider options than any other country. "So, we continue to evaluate options and whether our own wallet is the right choice, but, do we have any plans on launching in future, is to be determined. We are evaluating options. We have to come to a conclusion," Jain said.

At present, Uber riders can pay through payment wallet services like Paytm. Riders have also the option of making payment in cash. Replying to a query whether the company has approached the Reserve Bank of India seeking permission to launch its own wallet, Jain said, "We are not denying it," and added the company may go for its own wallet when it will reach seamless payment experience from commuters.

"We all know that 2FA (two-factor authentication) is in India today. 2FA is there because it is for the security of the consumers...that is RBI's thinking. "It has certain benefits but also has disadvantages because the consumer experience in entering multiple digits after a ride is cumbersome. That doesn't exist in the US. So, we will continue to evaluate options until we have seamless payment experience from the consumer which does not exist in India today," he explained.