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Uber Now Launches Financial Services, Called 'Uber Money', Here's the Details

Application-based giant transportation, Uber, has also penetrated the financial services industry. Uber announced the formation of a new division.

Uber Now Launches Financial Services, Called 'Uber Money', Here's the Details
kompas.com
Illustration of Uber car 

TRIBUNBATAM.id - Application-based giant transportation, Uber, has also penetrated the financial services industry. Earlier this week, Uber announced the formation of a new division called, Uber Money.

Reporting from CNBC, Tuesday (10/29/2019), Uber Money provides services including digital wallet and payment by debit card or credit card.

Peter Hazlehurst, who will head Uber Money, said the financial services were Uber's effort to make it easier for more than 4 million driving partners to access mobile bank accounts. So, they can immediately receive payment after traveling. 

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"We want to help everyone understand that there is a new section in Uber that focuses on financial services and has a mission to provide access to financial services that they have not yet touched," Hazlehurst said.

Uber believes that building a financial ecosystem will maintain the loyalty of the driver and user partners. 

This year, the number of active Uber users reaches 100 million every month. However, most payment for transportation and food delivery is done by credit card.

In June 2019, CNBC reported that Uber was in the process of creating financial products, marked by the recruitment of information technology engineers for the fintech office in New York.

Uber also launched a debit card with a direct payment service or instant pay that is being tested in the United States and several other countries. According to Hazlehurst, more than 70 percent of Uber driver partners in the US have received payments with instant pay. 

This feature is basically a free bank account. The debit card is linked to the account provided by Green Dot.

"Not only can you access income in real time, (the driver's partner) is also not charged for saving money there (the account) and you can use it at any time," Hazlehurst explained. 

Uber's ambition can also help driver partners in other countries to access digital financial services, especially in countries where the majority of payments are made in cash, for example in Pakistan and Bangladesh.

As for globally, approximately 40 percent of total Uber trips are paid in cash. According to Hazlehurst, Uber wants to reduce this percentage. (*) 

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Penulis: Lia Sisvita Dinatri
Editor: Lia Sisvita Dinatri
Sumber: Kompas.com
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