India will be one of the first six countries where Uber Money will be launched in the next 6-8 months
In India, Uber Money will be based on NPCI real-time payment system UPI
Global ride hailing company Uber launched Uber Money, a team within Uber working on financial products and technologies that aim to support both Uber riders and drivers, according to a company blogpost.
India will be one of the first six countries where Uber Money would be launched in the next 6-8 months to drive direct access to banking and financial inclusion for its driver partners, according to a moneycontrol report.
In India, Uber Money would be based on National Payments Corp. of India's (NPCI) real-time payment system Unified Payments Interface (UPI). UPI has recently crossed 100 million users, making it one of the fastest adoptions of any payments system anywhere in the world and thus would fit in with Uber's plans.
Uber Money will allow drivers and Uber Eats couriers to have real-time access to their earnings after every trip through the Uber Debit account, instead of waiting for weekly payments or cashing out through Instant Pay, which is what happens currently.
For drivers in the US, Uber will launch a Uber debit account and Uber debit card. "We are updating the no-monthly-fee Uber Debit Account, powered by Green Dot, to integrate seamlessly into the Uber Driver app. We also want to make every dollar earned on Uber go further, which is why the refreshed Uber Debit Card will launch with cash back on gas starting at 3% and up to 6% for the highest tier of Uber Pro drivers," wrote Peter Hazlehurst, Head of Uber Money
The Uber Wallet will allow earners and spenders to easily track their earning and spending history, manage and move their money, and discover new Uber financial products all in one place. According to the company, 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.
Uber is also relaunching its Uber Credit Card, in partnership with Barclays. Card members will now receive 5% back in Uber Cash from spending across the Uber platform, including Uber Rides, Uber Eats, and JUMP bikes and scooters.