Uber has ventured into financial services space with the creation of Uber money. This will see the firm accommodate digital wallet with upgraded debit and credit cards.
The move will enable its over 4 million drivers and couriers around the world to access a mobile money account. They will then be paid after rides.
Uber is optimistic that creating its own financial eco-system, will keep drivers and riders loyal to the company. It has about 100 million users per month whereby most of them use credit cards to pay for rides and food orders.
Uber will also roll out a debit card that will enable instant pay services across the world.
The firm is currently testing the services in the US market where about 70% of driver payments have been made through their new debit cards. The cards have no fee banking account and the US debit card is linked to an account provided by Green Dot.
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