Uber's Kalanick: India's payment system prompted a change in operations
NEW DELHI India's payment system has been a big factor that made Uber Technologies UBER.L change the way it handled transactions in the country, company founder Travis Kalanick said at a conference of start up businesses on Saturday.The ride hailing company had run into trouble with India's regulatory requirements which needed two-step credit card authentication for making payments as against direct payment to Uber via credit card details stored in the app. Subsequently last year Uber, which announced a plan to invest $1 billion in India to fund its growth, designed a new credit card payment system conforming with the Reserve Bank of India's rules.
Kalanick was speaking at the conference where Prime Minister Narendra Modi is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.
(Reporting by Himank Sharma, writing by Suvashree Dey Choudhury; Editing by Sanjeev Miglani)