After months of planning, finally Uber and Amazon are slated to launch unified payment interface (UPI) enabled payment option. According to National Payment Corporation (NPCI), the San Francisco based ride-hailing app will go live this month through integration with the BHIM app.
Uber will launch UPI in a few weeks wherein it will offer it through BHIM, NPCI CEO AP Hota said to the Economic Times. “Since about 60% of these cab drivers still get paid in cash by customers, UPI payments will help Uber’s drivers make their payments to Uber using UPI,” said NPCI CEO AP Hota.
Meanwhile, Amazon is also in queue to launch UPI with a few banks. As per Hota, unlike others, the online marketplace willn’t launch sole app for UPI. Instead, it will use a pay button for UPI on its website. Currently, Amazon is testing it. Uber’s archrival Ola had integrated unified payment interface on its platform in April this year.
Besides Uber and Amazon, Google is also prepared to launch UPI enabled payment option in the next two-three months. According to the NPCI, the company already has done with testing and integration. The search behemoth will be expected to launch UPI within next two-three months.
Currently, Uber is evaluating the possibilities around a comprehensive UPI integration and continuing to engage with the relevant stakeholders. “As a first step, we will look at offering our riders the option to use their existing UPI IDs to pay for their Uber rides,” the company said.
WhatsApp and Facebook are also planning to launch with United Payments Interface in India but they are still in the discussion phase. WhatsApp is in talks with State Bank of India and a few other financial institutions to allow its users to make payments via United Payments Interface.
Recommended read: Paytm Bank will go live on UPI by August this year
Launch of UPI enabled by Amazon, Uber and Google are expected to eat market share of wallets such as Paytm, Mobikwik, Freecharge and others. At present, Uber riders use Paytm for the rides, however with UPI they will have one more cashless payment option. Whatsapp and Facebook interest in launching United Payments Interface enabled payment will add more woe to incumbent wallet companies.