In recent news, the Reserve Bank of India introduced a new clause stating that Card-Not-Present (CNP) transactions for purchase of goods and services within the country will have to be done through a bank in India, and the payments must be made in INR. The move by the RBI might have a negative impact on ecommerce platforms and taxi aggregators such as Uber, because it routs credit card transactions through an international payment gateway and circumvent the two-step verification mandated by the RBI. Companies such as Uber now have until October 31 to become compliant.
According to the source, the company is most likely going to partner with payment gateway PayU, owned by South African internet provider Naspers.
PayU is run by Nitin Gupta, former investment banker at Lehman Brothers. Its customers include Snapdeal, Jabong, Bookmyshow, BigBasket and Groupon India.
In recent news, Uber has launched a service dubbed Corner Store which allows customers to order over 100 items via the app and have them delivered by Uber drivers (in Washington D.C. area).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now