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Monday, 25 August 2014

Cosy UBER, in big ticket trouble!

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Cosy UBER, in big ticket trouble!

The RBI, Indian central bank issued a directive to stop processing payments for UBER mobile app to all the Banks in India. UBER, a US based mobile application company processing all the in-app payments through its tax friendly Netherlands subsidiary UBER BV. This payment aggregation directly increases the FOREX outflow in India, which the RBI is struggling to control since the now RBI Governor Mr. Raghuram Rajan took charge in September 2013 due to the hefty industrial imports demanding FOREX.
This potentially slows down the growth of UBER in India, which is the second fastest growing market for the app outside of USA.

Amazon, Google Play Store, and few other international mobile application in-app purchases are following similar payment aggregation method, which will store the Credit Card information and skips to do the mandated 2-step authentication process to execute the payment faster. Earlier, RBI mandated OTP (One Time Password) for all the online transactions for Credit Cards.

About UBER:
Uber is your private driver in more than 40 countries.
ü  Request a ride using the app and get picked up within minutes. On-demand service means no reservations required and no waiting in taxi lines.
ü  Compare rates for different vehicles and get fare quotes in the app. Use PayPal or add a credit card to your secure account so you never need cash on hand.
ü  Easily set your pickup location on the map, even if you don't know the exact address. Get connected to your personal driver and check the progress of your Uber at any time.
ü  Sit back, relax, and go anywhere you want. We'll email you a receipt when you arrive at your destination.
An entirely new and modern way to travel is at your fingertips.

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