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Uber decides to dive into more profound financial services after its latest launch

The establishment of a new division by the name of Uber Money was announced by Uber on Monday which included an upgraded version of the credit and debit cards, and digital wallet as well. Its first emphasis will be on given on to the 4 million and more couriers and Uber drivers all over the globe access to a bank account that can be operated over mobile so that they can receive the payment after each ride, says Peter Hazlehurst, the head of the soon-to-be-established division.

Hazelhurst said in a phone interview that they wanted to guide everyone who understands, that Uber Money is focused entirely on financial services. It also has the mission of letting people have access to financial services, which they weren’t permitted in the first place.

To make a profit out of the ride-sharing application across the world, the company believes that it will keep both the riders and drivers stay loyal to Uber’s platform. Uber has crossed 100 million active users a month in 2019. Many of the users use credit cards for the payment of their food orders and rides. So the new division of Uber Money can remove the cost for financial mediators.

Uber has started to test this service called “instant pay” in the United States and some of the other markets as well. This feature is already a hit in the Nation-States as more than 70-per cent of the driver’s payment was done using the instant pay, says Hazlehurst. It is a banking account that comes with no-fee with a debit card linked to account facilities in the United States served by Green Dot.

It will help you to access your earned money in reality, and you can keep your money wherever you want to without paying any extra charges and spend accordingly, added Hazlehurst.

In parts of the world such as Pakistan and Bangladesh where cash is still the king, Uber’s idea could introduce its drivers to the world of finance that can be accessed digitally. Hazlehurst says that 40% of all the Uber rides are paid globally through cash and he wants to bring down that figure.

Uber’s massive scale will be an advantage for it in the field of banking over the other fresh entrants.

The company is set to launch a digital wallet called Uber wallet in Las Vegas that both the users – drivers and riders can use for dollar storage, have the transaction history tracking feature and most importantly make e-transactions.

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