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Meru Cabs asks RBI to extend recurring payment rules to foreign players like Uber

Mumbai-based radio cab service Meru Cabs has asked Reserve Bank Of India to extend its recurring billing guidelines to foreign players as well, thereby creating a level playing field among domestic and International players, reports The Economic Times. (hat tip - Rohin Dharmakumar) Meru says foreign players like Uber are able to circumvent the mandated two-stage credit card authentication by routing their transactions through foreign payment gateways, on which RBI has no jurisdiction. This allows them to store credit card details and use them for recurring transactions without the RBI's mandated 2-factor authentication. The report also points out that Uber can also charge consumer's credit card directly in case of taxi cancellations, which is currently not available for any other Indian taxi players. This could be important for taxi players since  the cancellation rates are apparently as high as 12% after a cab has arrived. Meru Cabs CEO Siddhartha Pahwa told the publication that RBI officials understood their requests and have told them that they will look into this issue. Why recurring payments are important? Note that Google and Apple also use similar foreign payment gateways on their respective app stores, due to which users don't have to go through a 2-factor authentication while buying apps. For a buyer, this is an ideal scenario, since it paves the way for one-click transactions - the business stores your credit card information, and the moment there is a transaction initiated, it bills you without any need to go through a 3D secure page, to enter your CVV for authentication. For a business, it ensures high conversion…

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