Uber, the transportation network company that based its business model on cashless transactions, has chosen to make proof of flexibility by expanding its cashMoney in physical form such as banknotes and coins. More paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More trial.
Almost a year ago, Uber launched a pilot project in Hyderabad, India – a country where cash is still the main mode of payment. The transportation giant has now decided to expand its cash-accepting model to 10 more countries including India, most countries in Southeast Asia, Kenya, Nigeria, some part of the Middle East and Peru. Because less than 10% of the population in emerging markets own a credit card, this new payment model is expected to expand.
In the words of Uber CEO, Travis Kalanick, “You have to be empathetic to reality. You can bend reality but you cannot break it… We take cash in India. We’ve always wanted to provide quality customer support and that’s the only non-negotiable.”
To read the original article by Jon Russell, please click here.