Calling it cumbersome and burdensome, Uber has announced that, as per RBI regulations, the company now complies with the two-factor authentication(2FA) mandate, However, the company says that its customers seemingly still love the old ways, and have asked RBI a 45 day extension to let them transition to the new payment method. Also Read - Best online gaming platforms to play multiple games: Paytm First Games, PlayerzPot and moreAlso Read - Internet down: Zomato, Paytm, Disney+ Hotstar, Amazon, Myntra, many other global services suffered massive outage
Uber recently, tied-up with Paytm after the RBI weighed in heavily making the two-step authentication process mandatory. “Today, Uber has complied with the RBI August 22, 2014 circular requiring every credit card transaction made with an Indian credit card to include two-factor authentication. While we believe this requirement is unnecessary and burdensome, we have engaged in constructive discussions with the RBI and are committed to working with the Indian government to advance regulations that support innovation and job creation,” said Business Lead Akshay BD in a blog post. Also Read - Zomato IPO: How to invest via bank, Zerodha, and Paytm Money
Uber reiterates heavily on how this mandate has had a negative impact on its business. BD even calls out to Narendra Modi and says that as his government is dedicated to promoting a business friendly environment, Uber is 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.
Talking about the 45 day extension, BD says, “This additional grace period not only prevents consumers from being disadvantaged but it also protects partner-drivers who rely on Uber s riders as their sole source of income.” In order to promote its tie-up with Paytm, Uber was offering five free rides worth up to Rs 300 each to all Paytm Uber users last week.
Uber on Saturday, was banned in Thailand after transport authorities alleged that Uber vehicles are improperly registered, charged fares that are not in line with regulated rates, the company utilized drivers without proper licenses and also discriminated against customers without credit cards. The company even abandoned operations in Nevada after a court order blocking the ride-service was issued as the company was violating several state laws regulating commercial motor carriers and passenger transportation services. Uber is also the subject of ongoing protests from taxi drivers, taxi companies and representative bodies in Germany, France, England and other nations who believe that the company is indulging in unfair business practices and compromise on passenger safety.