The ride sharing app Uber today announced the launch of Unified Payments Interface integration that will allow its riders to make the cashless transaction by using their unique IDs.
The company has also tied up with Axis Bank and HDFC Bank to introduce this facility.
While launching the integration, the Minister of Electronics and Information Technology and Law & Justice, Government of India, 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."
"After demonetization, businesses in India have witnessed a significant uptick in adoption of digital payment methods over cash transactions and Uber believes that fin-tech innovations such as UPI are the future of payments in India. Echoing this sentiment," David Richter, SVP-Global Business, Uber said.
He said that "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 fin-tech innovations in accelerating the growth of the nation's digital economy. 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."
With over 9.4 million Uber trips a week in India this July, the potential for encouraging adoption of UPI across riders is immense, UBER pointed out.
Equally significant will be the impact on the driver side. 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.