Uber Launch a New Payment System Called Uber Money

Uber is looking to gain a foothold into payments and financial services by creating a division called Uber Money. The company is aiming to pay its 4 million drivers and couriers after each ride and hopes to accomplish it through a no-fee mobile bank account, which will be integrated into the Uber Driver app.

Alongside this, the organization is revitalizing its Visa debit card and offering up to 6% cashback on fuel purchases, and the drivers can utilize it by withdrawing from their accounts with no charges at Go Bank ATMs. It is also offering a no yearly charge credit card.

By next year, Uber aims to assimilate Apple Pay and Google Pay with its wallet, Peter Hazlehurst, Uber Money Head, told media that through this the drivers will able to go cashless and will not be needing a physical debit card.

For now, the company is targeting drivers and couriers but will look towards its customers, who might get their bank accounts on the Uber Money platform.

Earlier this year, Lyft initiated free bank accounts and debit cards with cashback incentives to its drivers. In the coming months, Uber will roll out the real-time remunerations, the bank account and cards.