Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook. Online cab-hailing service Uber said that it is developing a closed wallet service in India, according to this report from the Economic Times. Uber confirmed the development in a PTI report and said that it finds the RBI's diktat on two factor authentication for card payments too cumbersome, and is hence launching a service of its own. In India, Uber rides can be paid for through Paytm wallets, Airtel Money, debit and credit cards, and cash as of now. The PTI report also quoted Uber India's president Amit Jain saying that the customer experience was being hampered because of the need to enter multiple digits after a ride. "We will continue to evaluate options until we have seamless payment experience from the consumer which does not exist in India today," he told the publication. MediaNama was unable to reach Uber despite multiple attempts to confirm this. Closed wallet is short sighted The ET report adds that Uber is looking to develop a closed wallet that would not require RBI authorization, with commuters being able to add up to a maximum of Rs 5,000. This would be a short-sighted move by Uber. Readers will remember that Ola too had a closed wallet but ran afoul of the RBI's guidelines as the company is a cab aggregator. Closed system payment instruments do not permit cash withdrawal or redemption and cannot facilitate payments and settlement for third-party services. Cab aggregators…
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