Uber launches Uber Money! Uber launches Uber Money as they dive deeper into digital financial services.
Uber is looking to update and modernize their payment methods – not for their clients, but for their drivers, many of whom do not have easy access to traditional financial services. For Uber, it’s simple – bring those products to their drivers!
Uber hopes to tackle cross-border payments, instant transactions, bank accounts, and general products offered by traditional financial organizations and streamline them into a digital service. While they haven’t specifically mentioned cryptocurrency, they are a part of Libra, and cryptocurrency is the solution to their problems.
Uber Money will launch initially for platform drivers, but it is being described as a new venture for the app – one in the financial services sector. Uber Money’s life will begin as a digital wallet with a debit card, but there’s talk of expanding the service to consumers on its platform.
“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,” Uber Money head Peter Hazlehurst told CNBC.
Fin tech is a growing space with cryptocurrency occupying just a portion of it. For Uber, the signs point towards a more classical evolution of fin tech advancement. Uber Money will allow riders and drivers to store dollars, track transactions, and make electronic payments. They also plan to integrate Apple Pay and Google Pay so drivers can spend their money immediately.
It is also possible that Uber Money could integrate with Libra, a proposed Stablecoin by the Libra Association, of which Uber is a member. More to come.
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