Uber introduces wallet-based payment system in India

In this April 3, 2014 photo, a smartphone is mounted on the glass of an Uber car in Mumbai, India. Riding on its startup success and flush with fresh capital, taxi-hailing smartphone app Uber is making a big push into Asia. The company has in the last year started operating in 18 cities in Asia and the South Pacific including Seoul, Shanghai, Bangkok, Hong Kong and five Indian cities. (AP Photo/Rafiq Maqbool)

Uber has reportedly launched a wallet-style payment system in India in the wake of >recent regulations , according to which all transactions need to pass through domestic payment systems.

Tech Crunch reports the new payment method now allows customers to essentially pay with their debit card or net banking account, in addition to a credit card as before.

However, it does not support cash payments. Customers can put in money in their pre-paid wallet, which is then used to pay for their taxi rides. Uber deducts payment from the wallet, rather than from a debit or credit card.

The new system, backed up by India-based payment platform Paytm, is effective immediately in the country, although international credit cards can still be used, the report said.