Uber Ties Up with Paytm to Offer Convenient Payment Options

Uber, a ride-sharing service based in San Francisco, has today announced its partnership with Noida-based digital payments provider Paytm. With this, the company has integrated Paytm’s digital wallet into its payment system to offer consumers a choice of payment mode. This move is a step forward towards meeting their directives as, according to RBI, the company till date was not following the two-factor authentication system as mandated by the Central Banking Institution.

In collaboration with Paytm, the company will offer the services of a semi-closed wallet to Indian consumers, the service going to launch first in India. “Customers can now pay with multiple systems including debit cards, credit cards and net banking,” said Vijay Shekhar Sharma, Founder and Managing Director of Paytm.

The company is hoping to expand its reach with the Paytm wallet which can be merged with a credit card, debit card or even through a customer’s net banking account. “We are super bullish about India and therefore investing in customising our product to cater to the local market. The wallet will help us expand aggressively to smaller cities,” Allen Penn, Head of Uber Asia told in an interview. Since the launch of its cheaper line of Uber X, the cab startup has registered more than 40% month-on-month growth, Penn stated. “We will continue to tailor make offerings and products for India seeing the exponential growth here,” Penn further continued.

Earlier, Uber use to save the user’s credit card information automatically and then on, deduct the fare from the saved card automatically.