Uber set to grow its presence into financial services with Uber Money

Uber is no longer a company that focuses solely on ridesharing services. The company is said to be working on various technologies like urban air transport and self-driving vehicles. It has also ventured into the food delivery sector, helping people to order their food at cheaper rates within an hour.

However, recently the company came out with a new payment offering called Uber Money. According to reports, Uber Money will be focusing towards the Uber’s financial services business and will manage its debit and credit card offerings, as well as digital wallets which are commonly used by riders.

Apparently, the platform would help Uber drivers to effectively withdraw their earned money on rides instantly, reducing the waiting time required for cashing out payments. Moreover, drivers and Uber Eats workers could track and access their real-time earnings after every delivery through Uber Debit account.

Sources suggest that the mobile bank account would enable Uber’s 4-million-plus couriers and drivers to withdraw their earnings immediately after every delivery or trip.

Reportedly, drivers in the U.S. could sign up for a debit card which requires no-fee and which is linked with Green Dot, a California-based fintech and bank holding company. Additionally, Uber is providing cash back on gas, which would be ranging from 3% to 6%, with the highest percentage going to its top tier Uber Pro drivers, however, this is only for drivers who have signed up for its debit card service.

As per reports, the aforementioned digital wallet that enables couriers and drivers to easily move their money, discover latest Uber financial offerings all under one roof, and track their spending and earning history; is set to be paired with the Uber driver app in the forthcoming weeks.

The company is also launching its branded credit card again after two years and would offer more rewards, including 5% back in “Uber Cash” for users planning to sign up.

Source Credit: https://www.theverge.com/2019/10/28/20936727/uber-money-fintech-debit-credit-cards-finance-digital-wallets