Uber launches new FinTech initiative Uber Money

Ride-hailing unicorn Uber has made another foray into the FinTech space with its new initiative Uber Money.

The initiative has been rumoured ever since Uber began to survey its drivers in September, asking them about their financial situation and if they had every taken a loan.

Uber Money is an umbrella term for a series of new features aimed at making it easier for its drivers to keep abreast of their financials.

One of the news included in the announcement was that drivers would be able to tap into their earnings in real time. What that means is that they can use the money they have earned the moment a ride is finished, instead of having to wait to the end of the week.

They could get access to their cash through the Uber Debit Account, which will from now on be integrated with the Uber app.

This service will initially only be available in the US, but Uber plans to spread the initiative to other countries soon.

The ride-hailing giant also announced the launch of Uber Debit Card, which will enable drivers to get cashback on the petrol bought. The cashback offer will start at 3% and would rise to 6% for the highest tier of Uber drivers.

Another new addition under the Uber Money umbrella was the Uber Wallet. The e-wallet is set up to be integrated within the app in the next few weeks and to enable the drivers to keep better track of their money. It will also be rolled out in the Uber Eats app.

Finally, Uber is also relaunching Uber Credit Card, a consumer credit card giving people using the app 5% back in Uber Cash when using the Uber platform. The card is launched in partnership with Barclays and originally hit the markets two years ago.

Copyright © 2019 FinTech Global

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