Uber Announces Deeper Push Into Financial Services With Uber Money

Friday, November 1, 2019

By Hugh Son

Ride-hailing giant Uber is making a deeper push into financial services.

The company announced on Monday the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards. The emphasis, at first, will be expanding Uber’s efforts to give its 4 million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride, according to Peter Hazlehurst, who will head the new division.

“We wanted to help everybody understand that there’s a new part of Uber that’s focused on financial services and that has a mission of giving people access to the type of financial services they were excluded from,” Hazlehurst said in a phone interview.

Photo courtesy of David Evers.

Source: CNBC (link opens in a new window)

digital payments, fintech