Uber is restructuring its services mainly in the areas of payments and financial services by setting up a new division known as Uber Money. One of the latest ideas that Uber is lunching is paying its 4 million drivers and above and couriers after a particular ride. The app transportation company plans to do so through its no-fee mobile bank account, which is coming to the existing Uber Driver app.
— SurgeZirc South Africa (@SurgeZirc12) October 28, 2019
https://platform.twitter.com/widgets.jsUber is also updating its Visa debit card to offer up to six percent cashback on gas purchases, so drivers can easily use it to withdraw from their account at GoBank ATMs with no fees. The company is also bringing back its no annual fee credit card, so that Cardholders can comfortably earn five percent in Uber Cash anytime they spend money on Uber services, and up to three percent on other purchases.
Moreover, Uber said drivers and couriers will get a digital wallet. The Uber Wallet will give them an at-a-glance look at their spending history, and a possible way to manage their money while still making payment on necessary things. It’s coming to the Uber Driver app in few weeks from now, and it’ll be available via the Uber Eats and Uber apps too.
The tech company is working on including Apple Pay and Google Pay into its wallet by next year. Uber Money chief Peter Hazlehurst told CNBC that the integration will allow drivers to spend their money without having to cash out or use a physical debit card to purchase things.
We heard last month that Uber was planning offering loans to drivers, a service it’s already offering in some countries, including India and Brazil. That not withstanding, Hazlehurst revealed that Uber hadn’t determined whether it’d offer loans in the US or not, but Drivers do have access to a $100 no-fee overdraft via the debit account, however.
Earlier in 2019, Lyft started releasing to it drivers free bank accounts and its own debit card with cashback incentives. Uber will roll out the real-time earnings, the bank account and cards few months from now.
Sources: Engadget, SurgeZirc UK