In an ad in the Economic Times, Paytm clarified that its wallet cannot be used for overseas payments for Uber rides. The digital wallet and mobile commerce company had earlier in May announced, through a strategic tie-up with Alipay, it would allow Indian travelers to pay for Uber rides abroad in local currency. (hit tip: Karthik Srinivasan) A company spokesperson said Paytm would be issuing a statement regarding the same. We will update once we hear from them. At the launch, Paytm had said that this would be closely tied with the company's yet-to-commence payments bank operations. However, in the ad, the company said that "any cross border payments services by the payments bank will be offered subject to FEMA authorisations and RBI approvals." Paytm founder and CEO Vijay Shekhar Sharma had earlier said that international currency payments would be converted to Indian Rupee and deducted from the wallet, as indicated by this Business Standard report. Alipay's back end software would calculate the spot currency exchange. Earlier partnership with Alipay and Paytm It is interesting to note that this isn’t the first time Alipay and Paytm were in a partnership for payments globally. In February, the companies signed an agreement which would allow Alipay’s global customers from China, Japan, US and the UK buy from Paytm’s merchants and Indian Paytm users to buy from merchants listed on Alipay. In September 2015, mobile ad network InMobi partnered with Alipay, Paytm and Stripe (a US based payments company) to enable purchases over its advertising discovery…
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