In what would seem like a natural fit, the cab-hailing phenomenon Uber (through their legal vehicle Uber India) is partnering with American Express to offer up corporate card integration for business travel payments in India. The Uber for Business app for Indian corporate employees who use American Express corporate cards can utilize the solution in any country where Uber operates. The key issue to overcome was local settlement in local currency. The Reserve Bank of India had ruled back in 2014 that Card Not Present transactions had to be made via Indian banks using Rupees. At the time Uber did not accept Indian credit cards but changed that last year. Since American Express issues corporate cards in India via local currency and billing, the deal was struck.
The billing for these cards will be done at the company account in India. Corporate clients will be entitled to sign-up bonus and usage based benefits, along with bonus reward points. They can also avail extended payment terms (51 days credit period).
This is just another of the ongoing benefits and conveniences that have been increasingly evident in the corporate travel space since mobile technology (and general digitization) began its’ prodigious rise several years back. The article does not mention if the deal is exclusive or for what period, so one would assume other similar corporate card integration announcements (in India and elsewhere) will be forthcoming.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
Read the full story here