Uber India has tied up with Paytm, mobile wallet service to provide its customers the benefit of its wallet services. Earlier RBI has mandated Uber like services that it cannot camouflage transactions using an overseas payment system. According to new RBI regulations, all transactions involving credit cards issued in India for goods or services in the country must have an additional authentication system at each point of sale. [source] This rule ensures that the two factor authentication is followed by all payment methods used in India. RBI has earlier given a deadline of Oct 30 for the companies to find out a way out of this which was later extended to Nov 30.
According to the new system, the users will be able to use their debit cards, credit cards, net banking and money stored on Paytm’s wallet. This makes sure that you don’t need to pay the driver once you reach your destination. Once you link your debit card or bank account via a Paytm wallet to your Uber account, you’ll easily be able to top up your wallet using multiple payment options.
This feature is available on your android and iOS phones.
The wallet service ensures that your Uber experience remains the same. You’ll be emailed a receipt at the end of your trip with a detailed fare breakdown and the trip route taken. Your fare will be automatically debited from your e-wallet.
Uber has over 600 million registered users in India. Paytm is used by over 16 million Indians.
How the Uber – Paytm Wallet works?
- The Paytm wallet option is currently available on Android and iOS. New to Uber? Don’t miss out! Download Uber now. Existing users can follow the simple steps below to transition to the new payment option
- When you register with Uber, you’ll be prompted to add a payment profile. If you already have a Paytm wallet, you may link it to your Uber account.
- Click on ‘Payment’ to find your wallet. Then click on ‘Add Money’. The minimum recharge value is only Rs. 100
- Recharge your wallet whenever you want by using your credit card, debit card or your NetBanking account.