Uber is making an exciting new push into financial services and technologies for its drivers and couriers.
Essentially a digital wallet platform with upgraded debit and credit cards, the drive behind Uber Money is to provide its more than 4 million drivers and couriers worldwide access to an Uber bank account through which they can get paid immediately, in real time, after each and every ride.
What Is Uber Money?
With the formation of the Uber Money division, Uber will offer its drivers a debit card featuring advanced services such as “instant pay.” According to Uber, drivers will get instant access to their earnings in real time, without any cost to them, and will be free to spend it as and where they wish to.
Another feature that seems to be exciting for drivers is their no-cost $100 overdrafts. These can greatly assist any cash-strapped drivers to get their working day started with a full tank of gas and it’s a more affordable alternative to high-interest payday loans.
With Apple recently launching a credit card with Goldman Sachs and Facebook developing its own cryptocurrency, Uber has jumped on the financial services bandwagon by introducing its digital wallet, known as Uber Wallet that allows its drivers to store dollars, make mobile payments, and track their transaction history. The service will be fully integrated with Apple Pay and Google Pay so drivers won’t need a physical debit card in order to immediately start spending their earnings.
Uber Debit Account and Card
Drivers located in the U.S., and soon drivers worldwide, currently have access to the Uber Debit Account. This account, powered by Green Dot, comes with no monthly fees and features seamless integration with the Uber Driver app. This integration allows drivers to make electronic payments straight from the app.
The Uber Debit Card is another factor of the Uber Debit Account, and it will soon launch with features such as cash back on any gas purchases, ranging from 3% to 6% for Uber Pro drivers of the highest tier.
Uber Credit Card
Uber is also relaunching the Uber Credit Card in partnership with Barclays. Holders of the Uber credit card will receive 5% cash back on money spent across the Uber platform, from Uber rides to Uber Eats and JUMP bikes and scooters. Even the Uber Copter which flies between Lower Manhattan and JFK is included.