IntellectBeat

India's payment system has been a big factor that made Uber Technologies change the way it handled transactions in the country, company founder Travis Kalanick said at a conference of start up businesses on Saturday. The ride hailing company had run into trouble with India's regulatory requirements which needed two-step credit card authentication for making payments as against direct payment to Uber via credit card details stored in the app. Subsequently last year Uber, which announced a plan to invest $1 billion in India to fund its growth, designed a new credit card payment system conforming with the Reserve Bank of India's rules. Kalanick was speaking at the conference where Prime Minister Narendra Modi is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.

The co-founder of Flipkart, India's biggest e-commerce company, said on Saturday that the country's stock markets were not yet ready for a large Internet listing. Sachin Bansal's comments at a startup conference in New Delhi came days after a rejig in the top management that was viewed by some as a step toward a stock market listing. "Indian markets are not yet ready for a large Internet company listing but we would absolutely love to list here when the time comes," he said. But India's junior minister of finance Jayant Sinha told the same conference that listing of Internet stocks on Indian markets would be a big boost for the economy. India's market regulator has eased some rules to make it easier for home grown start ups to list their shares on local bourses.