Uber entered the fintech space on Monday as it launched Uber Money, which includes Uber Debit Account and Uber Debit Card, Uber Wallet and Uber Credit Card. This offering will directly take on its Indian rival Ola’s digital payments offering Ola Money.
Uber’s new division has reportedly hired 250 people for this division this year. With this, Uber says, driver partners will be able to access their earnings real-time through their Uber Debit account instead of waiting for weekly payments or cashing out through Instant Pay.
In India, anecdotal evidence showed that rides are often cancelled when the customer chooses to pay online rather than in cash, as drivers receive the money later on when they need it on a day-to-day money. With this, drivers will be the ones to benefit as there is an instant pay option, where drivers can see how much they have earned and can redeem as and when necessary.
For drivers, Uber will be updating the no-monthly-fee Uber Debit Account, which will be integrated into the Uber Driver app and is also offering cashback on gas starting at 3% and up to 6% for the highest tier of Uber drivers.
Uber is also launching Uber Wallet where users will be able to monitor their earnings and expenses, plus manage and transfer money. “With Uber Wallet, earners and spenders will now be able to easily track their earning and spending history, manage and move their money, and discover new Uber financial products all in one place. The Uber Wallet will start rolling out in the Uber Driver app in the coming weeks and will soon start rolling out in the Uber and Uber Eats apps as well,” the company said in a statement.
According to a Moneycontrol report, Uber is looking at launching Uber Money in India by summer 2020. According to a source who spoke to the publication, India would be one of the first six countries where this is being rolled out.
India is an important market for Uber, and reportedly 13% of all gross bookings for the app came from the country.
Uber also announced the re-launch of Uber Credit Card, where users who avail this card can earn 5% back in Uber Cash on Uber purchases. Uber Cash can be redeemed across Uber’s offerings, from rides and JUMP to meals with Uber Eats.