Uber taxi app to invest big in India

13-Nov-2014 #Economy & Trade Source: India Inc
San Francisco based taxi hailing app Uber plans to set aside nearly $400 million for the Indian market, its fastest growing outside the US. The funds are to be used to strengthen the brand’s presence and expand to newer cities. The popular global taxi app service has also introduced a new wallet-style payment system in Indian, which makes the service accessible to millions in the country. It has tied up with local mobile payments provider Paytm to comply with Reserve Bank of India (RBI) regulations. Local taxi services had complained to the RBI about Uber violating Indian foreign exchange regulations by routing credit card payments from customers to Netherlands-based Uber BV. It led to Uber introducing the new system for India, the first country where it has made such an arrangement.
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