Uber launches a new service called Uber Money as it tries to get into the financial services market. The company is introducing an Uber Wallet which is “the new home for your money on Uber. Easily track your earning and spending history, manage and move your money, and discover new financial products all in one place” along with its own debit and credit card support.
As a kick start, the company says that the Uber drivers will have a better way to get the money they earn on rides instantly. Mostly, drivers either wait for weekly payments or cash out using “Instant Pay”.
The account amalgamates into the Uber Driver app, and lets drivers get cash back starting at 3% and up to 6% for Uber Pro drivers. Then there’s also the Uber Credit Card, which is apparently Uber Money’s “flagship” consumer product built in partnership with Barclays.
The digital wallet, of Uber which will allow drivers to “easily track their earning and spending history, manage and move their money, and discover new Uber financial products all in one place,” will start rolling out in the Uber driver app in the coming weeks.