Uber users can now pay for rides abroad using Paytm
Digital payments firm Paytm will enable Uber users to pay for their rides in Indian currency while travelling abroad using its mobile wallet by month-end. Alibaba-backed Paytm will not charge any fees for conversion and the fares will be based on current forex rates.
Currently, Indian users need a credit card to pay for Uber rides taken aboard. "We will enable users to pay for their rides in Indian currency while they travel abroad. The integration process is on and should be live by month-end... Users will be able to pay in Indian rupees based on current forex rates," Paytm CEO Vijay Shekhar Sharma said. Uber on Tuesday announced a partnership with AliPay -- Alibaba's online payment solution in China -- to enable users to use AliPay's mobile wallet and pay in Chinese Renminbi (RMB) while travelling internationally.
"The integration with AliPay will allow Chinese users travelling abroad to book cabs via the AliPay app (apart from the Uber app)... This will help users who don't have a credit card to use Uber without hassles while travelling abroad," Uber Asia Pacific Head of Business Eric Alexander told reporters here. In India, Alipay will use the Paytm platform to facilitate the transaction for Chinese tourists travelling here.
Paytm likely to begin payments bank ops in Aug
Digital payments firm Paytm expects to start its payments bank operation in the country by August. The Noida-headquartered company had received an in-principle approval from RBI to set up a payments bank in August last year.