We welcome the government’s decision to discontinue Rs. 500 and Rs. 1000 currency notes, and introduce new notes in the market. It is a bold move from a cash economy to a digital-first one. We anticipate it will have long-term benefits for the economy, ushering in transparency and a faster adoption of digital payments, something that the Honorable Prime Minister Shri Modi has called for.
Uber and other tech companies in India and around the world depend on consumers being able to frequently make low value payments with minimal friction. We encourage the government to adopt practical measures that can make digital transactions more convenient and seamless.
Considering the unique infrastructure challenges India faces, the government and central bank should consider a waiver on two factor authentication (2FA) requirements for low value transactions. This would make it easier for customers to pay for goods and services online, allowing e-commerce players to further boost their contribution to economic growth and build the foundation for India to become a cashless economy.
During this transition period, we request our riders to link their Uber account to digital payment methods or carry smaller denomination currency for a seamless experience.