Uber announces Uber Money division

Uber has announced the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards, CNBC reports.

Uber aims to give its drivers and couriers around the world access to a mobile bank account so they can get paid after each ride.

Uber is rolling out globally a debit card with an enhanced “instant pay” service which has been testing in the US and a few other markets. The feature has taken off in the US, with more than 70% of driver payments made using instant pay, according to Uber Money head Peter Hazlehurst.

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.


Source: Paypers

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