Around the Net

Uber Payment Method Challenged in Market

India’s Central Bank, the the Reserve Bank of India (RBI), recently announced that all transactions involving domestic cards must follow rules that require additional verification. This stance could severely affect companies, such as taxi-booking startup Uber, that offer simple app-based transactions for their services. “Please refer to our circulars RBI/DPSS No. 1501 / 02.14.003 / 2008-2009 dated February 18, 2009, RBI/DPSS No.1503 / 02.14.003 /2010-2011 dated December 31, 2010 and RBI/DPSS No.223/02.14.003/2011-2012 dated August 04, 2011 wherein directives were issued making it mandatory for banks to put in place additional authentication / validation based on information not visible on the cards for all on-line card not present (CNP) transactions (e-commerce / IVR / MOTO / recurring based on standing instructions),” the RBI stated in its directive.



Read the whole story at Let's Talk Payments »

Next story loading loading..