Uber has recently sent out invites for its upcoming launch event on August 23, wherein the company is expected to unveil its own mobile wallet rivalling Ola Money in India. The invite does not clearly mention anything about the mobile wallet, but it subtly highlights the possibility of launching a product that will revolutionise digital payment services in India.
The cab service provider has reportedly tied up with some banks after launching Uber for Business in India. This feature is aimed at facilitating an efficient means of business travel with enhanced employee experience across organisations.
Uber has also partnered with Amazon to implement the integration of unified payment interface with the BHIM app, according to the National Payment Corporation of India.
According to Economic Times, such a service is expected to enable Uber drivers to make digital payments directly to the company via UPI along the lines of Ola integrated UPI. It may be recalled that Ola had acquired the mobile payment startup 'Qarth' in March 2016 to expand its business beyond Ola Money.
Qarth had then developed a mobile payment app called X-Pay, which was integrated with around 26 banks in India. The app enabled users to make one-touch mobile payments or money transfers. It remains to be seen if Uber is planning a similar approach with the new UPI deal with Amazon in India.
X-Pay has already become an instant hit with around 10,000 to 50,000 installations in the last year alone. In contrast, Ola Money registered around 100,000 to 500,000 installations on Google Play during the same period.
Ola has now established its retail business through digital payments with the likes of Lenskart, OYO rooms, music streaming service Saavn and more. Will Ola's rise in retail business payment services spur Uber to enter a similar venture? We just need to wait and see...
