Cab aggregator Uber has today announced that its riders and drivers can now make Unified Payments Interface (UPI) based truncations from its application. The latest feature will be available for both iOS and Android users.
The company has also announced that it is partnering with Axis Bank and HDFC Bank to introduce this facility. Uber already offers its riders to use their existing UPI IDs to pay for their rides in July 2017. “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, Union Minister of Electronics and Information Technology and Law & Justice, Government of India
Through this integration, riders will be able to create UPI IDs using the Uber app. “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 in a statement.
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Digital payments are becoming a rage these, especially after the whole demonetization drive last year. Slowly and steadily, multiple banks and private companies are adopting the payment system. Hike Messenger recently tied up with Yes Bank to introduce UPI and wallet services. Paytm newly-launched banking service, Paytm Payment Bank, also has an integration of UPI. Samsung is also not far behind and the South Korean giant has recently launched Samsung Pay in India, which comes integrated with UPI and Paytm. It would be interesting to see whether government’s initiative will help in creating a cashless economy.