The ridesharing company Uber announced Monday that it was creating Uber Money, a new division to handle its financial services business.
Instead of waiting for weekly payments or cashing out through Instant Pay, drivers and couriers will have real-time access to their earnings after every trip through the Uber Debit account, according to Peter Hazlehurst, who heads the new Uber Money division.
“For drivers in the US, and expanding to more countries soon after, we are updating the no-monthly-fee Uber Debit Account, powered by Green Dot, to integrate seamlessly into the Uber Driver app, ” Hazlehurst adds. “We also want to make every dollar earned on Uber go further, which is why the refreshed Uber Debit Card will launch with cash back on gas starting at 3% and up to 6% for the highest tier of Uber Pro drivers.”
Uber also unveiled the plans to launch digital wallet called Uber Wallet that riders and drivers can use to store dollars, track their transaction history and make electronic payments. “The Uber Wallet will start rolling out in the Uber Driver app in the coming weeks, and will soon start rolling out in the Uber and Uber Eats apps as well,” Hazlehurst said regarding the new digital wallet.
For riders, Uber’s credit card, a joint product with Barclays, will be reintroduced with richer rewards for payments within Uber’s transportation and food delivery services.
