Uber To Offer Enhanced Cashless Experience To Riders And Drivers
Uber partners with Axis bank to launch UPI integration for riders and HDFC bank to facilitate access to BHIM for driver partners
Uber India announced a comprehensive Unified Payments Interface (UPI) integration in partnership with National Payments Corporation of India (NPCI) and banking partners Axis Bank and HDFC Bank. Uber's initiative will play a catalytic role in the mass adoption of fintech innovations such as BHIM/UPI for millions of riders and driver partners.
Launching the integration, Minister of Electronics and Information Technology and Law & Justice, Government of India, Shri Ravi Shankar Prasad, said "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.”
David Richter, SVP-Global Business, Uber said, "We are proud to be a partner in the government's monumental mission to create a digital payments led society and thrilled to announce UPI integration, a significant collaborative step towards unlocking the potential of fintech innovations in accelerating the growth of the nation's digital economy.
Uber offered its riders the option to use their existing UPI IDs to pay for their rides in July 2017. The second phase of Uber's UPI integration allows riders to even create UPI IDs using the Uber app and initiate their journey onto a digital payments led society. With over 9.4 million Uber trips a week in India this July, the potential for encouraging adoption of UPI across riders is immense.
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.
Shikha Sharma, Managing Director & CEO, Axis Bank pointed out, "As a committed partner to the government's Digital India movement, we believe our alliance with Uber with the support of NPCI has the potential for making digital payments more ubiquitous, particularly in the case of financial transactions of smaller amounts.”
Parag Rao, Country Head - Card Payment Products, Merchant Acquiring Services & Marketing, HDFC Bank said, “ With this partnership, we'll be able to increase the adoption of BHIM and HDFC Bank UPI app, which will result in lakhs of Uber drivers becoming a part of the digital banking ecosystem."
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