Forging an alliance that could bring millions of riders and driver partners into the digital payments revolution, Uber India announced a Unified Payments Interface (UPI) integration in partnership with National Payments Corporation of India (NPCI) and banking partners Axis Bank and HDFC Bank. According to Uber, nearly 60 per cent of app based taxi drivers in India continue to make cash transactions.
Why it makes sense
This move could help in the mass adoption of governement-led fintech innovations such as BHIM/UPI for millions of riders and drivers using the platform.
With over 9.4 million Uber trips a week in India this July, the potential for encouraging adoption of UPI across riders is immense.
Equally significant will be the impact on the driver side. Through the steadfast adoption of BHIM over the next few weeks among its 285,000+ weekly active drivers, the move will additionally enable over 450,000 registered drivers on the Uber platform to experience the power of UPI.
Read More- BI