1. Betting on India, Mexico and Brazil as key markets: Uber

Betting on India, Mexico and Brazil as key markets: Uber

US-based cab aggregator Uber today said it is betting on India, Brazil and Mexico to drive growth for the company.

By: | Updated: August 23, 2017 8:48 PM
Uber, Brazil, Mexico, India, Ola, SoftBank backed Ola US-based cab aggregator Uber today said it is betting on India, Brazil and Mexico to drive growth for the company.(Image: Reuters)

US-based cab aggregator Uber today said it is betting on India, Brazil and Mexico to drive growth for the company. The firm, which competes with SoftBank-backed Ola in India, said it is focusing on launching solutions that enhance customer experience on its platform. “There are three countries that we are betting on — India, Mexico and Brazil. We have seen phenomenal growth in India, in July this year over last, we have seen 115 per cent growth,” Uber SVP (Global Business) David Richter told reporters here.  He added that the company has taken a number of steps — including its latest move to introduce UPI-based payment on its platform — to enhance experience of riders and driver- partners.

Richter said India, which is also one of its largest markets outside the US, will remain a priority for the company globally.  Talking about introduction of initiatives like UPI, Minister of Electronics and IT Ravi Shankar Prasad said the government’s Digital India has been a “transformative programme”.  “The most important component of Digital India is that we must have technologies that are affordable, inclusive and developmental,” he said. He highlighted how engaged Indians are with products like WhatsApp, digital payments and the rising smartphone adoption in the country.

“I would urge all the bankers also to ensure that digital payment becomes a success by proper coordination with low-cost technologies,” he added.  Uber today announced integration of Unified Payments Interface (UPI) with its app in partnership with National Payments Corporation of India (NPCI) and banking partners Axis Bank and HDFC Bank.  The move will enable over 4.5 lakh registered drivers on the Uber platform use UPI to receive payments.  “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,” Richter said.

UPI allows consumers to transfer money from one bank to another using a virtual address. There is no need of account number, IFSC code or MMID to carry out the transfer.  Previously, Uber allowed users to pay for their rides via cash, debit/credit cards and Paytm mobile wallet. With the integration, users can pay for the rides using UPI right from the Uber app by entering their UPI PIN.
In April, Ola had also integrated UPI with its platform. UPI-based transactions have been growing and stood at over 11 million in July. UPI was launched in August last year.

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