Vijay Shekhar Sharma owned Paytm will now help ride-hailing application Uber’s users to pay for their ride through credit or debit card. “This integration will benefit millions of Uber riders to make seamless instant payments from their cards which might be already saved on Paytm,” Puneet Jain, Senior Vice President at Paytm Payments Gateway said. Further, the company has also extended services to Uber’s driver-partners such as processing credit and debit card transactions, savings accounts, and zero-fee debit cards, the company said in a statement.
Paytm’s Payments Bank will also provide a host of other services to Uber’s driver-partners under the Uber Care program including cash back at Indian Oil, and Paytm FASTags. To attract drivers for opening bank accounts and use Paytm FASTags, Paytm has also set up camps across all major cities including Delhi-NCR, Bangalore, Mumbai, Chennai etc to help partners with setting up accounts. “This partnership will allow Uber to leverage the strength of Paytm’s card acquiring capabilities, in addition to the existing wallet integration to provide Riders with the best user experience,” the unicorn company said.
In line with Prime Minister Narendra Modi’s dream of a cashless economy, Paytm’s enablement of digital payments is expected to further boost digital payments. “With the latest credit and debit card integration with Paytm, we hope to promote more digital transactions, reduce cash dependency on the platform and improve the country’s digital financial infrastructure,” Nandini Maheshwari, Director, Business Development, Uber India & South Asia, said.
Paytm also recently added a provision in its platform to automate monthly payments for subscriptions such as Netflix, Hotstar. Along with this, other recurring bills and utility services can now also be automated at the user’s end by submitting a one time password. Paytm said that it looks to process about 1 crore subscription-based transactions in the next six months.