India’s Payment System Changed the Way Uber Works in India: CEO
The cab aggregator company has been operating via credit and debit card payments in the country.
advertisement
India’s payment system has been a big factor that made Uber Technologies change the way it handled transactions in the country, Travis Kalanick, founder, Uber said at the Startup India conference today.
The ride-hailing company had run into trouble with India’s regulatory requirements, which needed two-step credit card authentication for making payments as against direct payment to Uber via credit card details stored in the app.
Subsequently last year, Uber, which announced a plan to invest $1 billion in India to fund its growth, designed a new credit card payment system conforming with the Reserve Bank of India’s rules.
Kalanick was speaking at the conference where Prime Minister Narendra Modi is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)