Now Uber Will Launch Their Own Closed Digital Wallet Exclusively For Their Indian Riders

48th most powerful company in America, Uber which is worth $62.5 billion worth is not satisfied with their progress in driving consumers to their cab hailing app, yet. They are soon going to launch their own exclusive digital wallet, for catering to their own customers from India.

Credit card, which is the de-facto payment method for Uber customers worldwide may soon be passe`. In India, Uber customers can pay using cash, Paytm wallet or Airtel Money wallet; both of which can be a history considering that Uber will now push for their own wallets across India.

In fact, India would be the first country wherein Uber would be launching their exclusive wallet.

Maybe we can expect a slew of fresh discounts and free rides as well?

The Reason Behind Uber’s New Digital Wallet

As per reports emerging, Uber had been working on their own Digital wallet, ever since Reserve Bank of India imposed the two-step authentication procedure for all credit card payments. This RBI rule came into effect since August 2014, and Uber promptly partnered with Paytm to work upon this rule.

Later, Airtel Money wallet and cash payments were added to assist the customers.

One person close to the developments happening at Uber shared with ET: “Uber has been working on the closed wallet feature (since) right after the RBI mandate was given. It will still continue working with other (digital) wallets.”

Another set of reports mention that user would be able to upload Rs 5000 maximum per month in that wallet; and RBI’s 2-step authentication would not be a requirement for using this app.

Uber has refused to either confirm or deny this news.

But UPI Makes More Sense?

Yesterday, we had reported how NPCI is launching Unified Payment Interface (UPI) which can actually kill all mobile wallets in the country. With their flexibility and innovation, UPI can soon be the one stop destination for making digital payments.

Now, with respect to UPI, a new, separate wallet only for Uber rides seems like a far stretched idea. After all, will you download a separate app, just for Uber?

In case Uber integrated this wallet into their existing app, then it can be a different ball game altogether.

We will keep you updated as more information comes in.