Uber has launched Uber Money to offer a range of financial services and products for its community of riders and drivers. Uber Money offerings include the introduction of credit cards, instant cashback and in-app wallets for drivers to keep track of spending.
Uber, in partnership with Green Dot, a financial technology company in California provides a debit card for drivers in the USA who sign up for the no-fee debit card. Drivers can earn up to 5% on money spent on Uber services and an additional 3% on fuel purchases. The debit cards will soon be made available for drivers in other countries.
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Uber is also reintroducing its Uber Credit Cards to drivers, in collaboration with Barclays. Cardholders will now receive 5% cashback from spending on Uber services and instant cashback on rides. This will resolve the issue of drivers requesting for riders to pay cash. Instead of waiting for weekly payments, through the Uber Debit account drivers have real-time access to their earnings at the end of every trip.
Uber is also introducing an Uber Wallet. It plans to integrate both Apple Pay and Google Pay in its e-wallet by next year. The wallet will provide a breakdown of money spent, tips on ways to manage money and how to make payments. It will also enable drivers to spend earnings without having to cash out using a physical debit card. The wallet will soon be available in both the Uber Driver and Uber Eats app.
Uber is reportedly planning to offer direct loans to drivers. It recently sent out an in-app survey containing several questions regarding drivers’ interest in collecting loans. If Uber does offer these cash loans, it will go a long way to aid drivers to cover immediate expenses such as fixing their Uber cars.
To learn more about Uber Money, go to www.uber.com/money
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