App based cab service provider Uber on Wednesday integrated its mobile app with Unified Payments Interface (UPI) and BHIM payments system to offer its customers or riders more options for a digital payment for their cab rides.
The company partnered with Axis Bank and HDFC Bank for integration with UPI and BHIM respectively.
The service was launched by Union Electronics and IT Minister Ravi Shankar Prasad in the presence of executives from the respective partners including both the banks and NPCI.
“India’s digital economy will become a $1trillion economy in the next five years. India’s digital payments economy alone will be bigger than $500 billion. Integration of Uber app with UPI-BHIM will boost the digital economy of India,” said Ravi Shankar Prasad.
The launch witnessed the participation of over 100 delegates including Ms Shikha Sharma, Managing Director & CEO, Axis Bank, Mr. Parag Rao, Country Head – Card Payment Products, Merchant Acquiring Services & Marketing, HDFC Bank, Ms. Shweta Rajpal Kohli, Head of Public Policy for Uber India & South Asia and Mr. Madhu Kannan, Chief Business Officer, Uber India & Emerging Markets.
After demonetisation, businesses in India have witnessed a significant uptick in adoption of digital payment methods over cash transactions and Uber believes that fintech innovations such as UPI are the future of payments in India.
“Uber, like several other tech companies in India and around the world, depends on consumers being able to frequently make low value payments with minimal friction. UPI integration will bring millions of riders and driver partners into the digital payments ecosystem, offering them another secure and seamless payment interface and bolster the nation’s digital payment revolution,” said David Richter, SVP-Global Business, Uber.
As a technology driven company, Uber is encouraged by the recent moves of the government towards mainstreaming digital payments. Hailing the impact that new-age fintech solutions such as UPI can make, as a first step, Uber offered its riders the option to use their existing UPI IDs to pay for their rides in July 2017.
Uber India believes through the steadfast adoption of BHIM over the next few weeks among its 285,000+ weekly active drivers, the move will additionally enable over 450,000 registered drivers on the Uber platform to experience the power of UPI.
The company said it is committed to creating opportunities that foster an ecosystem of skill development and entrepreneurship.