Uber has strengthened its fintech presence in India with a Uber Money team in Hyderabad, which has over 100 people who will be responsible for global financial products and technology innovations. This is the first such team in the Asia-Pacific region for Uber Money. The other teams are in locations such as San Francisco, Palo Alto, New York, and Amsterdam. The team is part of the Hyderabad Engineering Centre.
“The Uber Hyderabad Tech Centre has the best in class Fintech talent specializing in risk, payments, financial reporting and analytics platform engineering. Besides engineering, we are investing in growing and scaling data science, analytics, and product management organizations to transform Hyderabad into a full spectrum tech site for Uber,” Naga Kasu, Engineering Director and Hyderabad Site Lead at Uber said.
Uber launched Uber Money in October 2019, and said that this team would be working on financial products and technologies. Products under Uber Money includes Uber Debit Account and Uber Debit Card, Uber Wallet and Uber Credit Card.
For drivers, Uber will be updating the no-monthly-fee Uber Debit Account, which will be integrated into the Uber Driver app, and real-time earnings, which means they can check out the money anytime they like.
Uber is also launching Uber Wallet where users will be able to monitor their earnings and expenses, plus manage and transfer money.
According to a Moneycontrol report, Uber is looking at launching Uber Money in India by summer 2020.
Uber said that the Hyderabad team will enable upcoming features and improvements — including real-time earnings, updated debit accounts and debit cards for Uber drivers along with Uber Wallet and refreshed Uber credit card for Uber riders.
“With deep knowledge in front-end, full-stack, mobile, machine learning, and data engineering, the Uber Money team will focus on implementing new payment methods, enabling and building financial compliance tools, leveraging smart routing technologies for payment gateways, and applying Uber Artificial Intelligence models for intelligent risk decisions,” Uber said.