Uber wades into the digital money market with ‘Uber Money’

Uber, the ride-hailing giant, has now announced that the company will be starting its own financial service called Uber Money to increase its ecosystem. The upgrade will include features such as a digital wallet and upgraded debit and credit cards.

Peter Hazlehurst, the new head of Uber Money, had stated:

“We wanted to help everybody understand that there’s a new part of Uber that’s focused on financial services and that has a mission of giving people access to the type of financial services they were excluded from.”

At a time when profits are low, and the company is under pressure to generate a healthy turnover, Uber Money is seen as a step to keep customers and drivers loyal. The pilot feature has already been launched in the United States with the Uber Money head claiming that 70 percent of driver payments were made using instant pay. Hazlehurst added:

“Not only do you get access to your earnings in real time, it doesn’t cost you anything to keep the money there and you can spend it whenever you want to.”

Uber had announced its foray into digital currency back in June when CEO Dan Khosrowshahi had revealed that Uber would create a new fintech outpost in New York. There were plans to hire several dozen engineers and product managers by the end of 2019 with the aim of hitting over 100 employees.  The company had announced that it would also start offering cashback on fuel beginning at 3 percent and up to 6 percent for the highest tier of Uber Pro drivers.

With Instant Pay, drivers will no longer have to wait for weekly payouts of their wages but instead will have instant access to funds right after the rides. In an official blog, Peter Hazlehurst wrote:

“For drivers in the US, and expanding to more countries soon after, we are updating the no-monthly-fee Uber Debit Account, powered by Green Dot, to integrate seamlessly into the Uber Driver app. With Uber Wallet, earners and spenders will now be able to easily track their earning and spending history, manage and move their money, and discover new Uber financial products all in one place.”

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