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Uber steps into Financial Services and Products with Uber Money

Uber launches uber money image

Uber is in the process of heightening into financial services. On Monday, Uber announced that they are launching Uber Money for its drivers as well as couriers. Uber is all set for changes. Inevitably, Uber thrives in every single way to reach out to success.

According to the blog post in Uber, they stated that Uber Money consists of a team within the company to work on Financial Products and technologies. Peter Hazlehurst, Head of Uber Money, wrote the blog post in Uber Newsroom. He stated that this new change would deliver additional value for the Uber community.

Uber introduces “Real-Time Earnings” for its drivers. Uber pays its drivers on a weekly basis by cash through an attribute called Instant Pay. Now, with Uber Money drivers and couriers will have real-time access to their earnings. They can track the details of their earnings through Uber Debit Account. About 4 million drivers and couriers in services like Uber Eats will benefit from this new money transaction method.

Uber is planning to offer an Uber Debit account with no fees for its drivers and couriers across the world. With this Debit account, drivers can also fetch details like the history of their money spent and available money. They can also haul money. This debit card will be provided by Green Dot, a California based Financial technology and bank account company.

The said debit account will be incorporated into the driver app. Forthwith, the company is planning this method for drivers in the US. They also have plans to expand worldwide in the coming months.

Peter Hazlehurst also stated that they want to make every dollar earned on Uber go further, which is why the refreshed Uber Debit Card will launch with cashback on gas starting at 3% and up to 6% for the highest tier of Uber Pro drivers.

Uber also re-launched Uber Credit card. Uber is bringing back its Uber Credit card, which originally came into the glow two years ago with new rewards. Uber joined hands with Barclays to provide this service. The British bank also announced the same confirming the re-launch.

Cardholders of this credit card can avail up to 5% cashback in the form of Uber cash when they use the card across the services like Uber Rides, Uber Eats, and JUMP bikes and scooters. Furthermore, the users will be rewarded with Uber Copter Service. ( The copter service is provided by Uber for trips between lower Manhattan and JFK International Airport).

According to CNBC, when interviewed Peter Hazlehurst told
“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 is constantly working out to gain leverage into the market. Ever since the huge loss, the company was working in eliminating employees throughout all the departments across the world. As pledged now, they seem to work towards new goals. Currently, they seemed to figure out their long-time criticism regarding the complaints about the payments made to the drivers.

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