Uber India voice out its concern over the new transaction regulation policy set by the RBI that requires any Indian credit card transaction to be completed with two step verification process.
Back in August when RBI announced the new transaction rules, Uber willingly introduced a new wallet system that implies with the new transaction rule. However, the US-based company noticed a slow adoption rate in the recent payment system and it didn’t lose any time to make its voice heard.
Now as RBI’s temporary deadlines for new transaction rule are near Uber took the opportunity to say what damage the new rules have done to its business. In a new blog post Uber says: “Uber is now compliant but less convenient.”
“Ahead of the Reserve Bank of India’s (“RBI”) compliance deadline we have seen a slow conversion of riders from credit cards to a 2FA compliant wallet, which indicates their trust in Uber’s payment system and a preference for more convenient yet secure online/mobile payments. Despite consumer preference and in the face of rapidly changing business expectations, India’s one-of-a-kind 2FA requirement persists, causing a major challenge for businesses trying to offer Indian consumers a better purchasing experience,” read the blog post.
Despite the criticism for the new model Uber showed its long term plans to grow business in one of the fastest growing countries — India.
Uber also expressed its faith in the Narendra Modi-led BJP government and their commitment to make India a business family market.
“Prime Minister Modi’s government is dedicated to promoting a business friendly environment and we welcome his leadership and commitment to moving the nation forward. We are eager to take part in this important conversation and assist in creating Indian government policies that encourage economic growth, spur foreign direct investment and facilitate job creation in one of the fastest growing countries in the world.”
Uber which has big plans to change India’s Auto and Taxi industry also welcomed the 45 day extension period given by RBI that will help them get better understanding of the new rules before they come in full effect.