Uber is getting into the financial services market with a new service called Uber Money. The company has built a dedicated team to work on Uber Money, a brand new team within the company that will specifically be working on financial products for Uber.
To kick things off with Uber Money, the company is introducing Uber Wallet, along with its own debit and credit cards.
Uber Money is mainly meant for Uber drivers, so they can get real-time earnings instead of having to wait for weekly payments. So that means if you are a Uber driver, you will get the money you just earned from a trip on your Uber card straight away.
The company is also launching a new Uber Debit account and card for drivers in the US. The account integrates into the Uber Driver app, and lets drivers get cash back starting at 3% and up to 6% for Uber Pro drivers. And then there’s the Uber Credit Card, which is apparently Uber Money’s “flagship” consumer product built in partnership with Barclays. The new credit card will give users 5% back in Uber Cash when they spend on Uber Rides, Eats, or JUMP.
There’s also a new Uber Wallet, which allows users to keep track of all their earnings and spendings, kind of like a regular bakning app. The new feature will be available within the Uber Driver app in the coming weeks to help users keep tracking of their earnings and spendings. It will eventually make its way to the regular Uber and Uber Eats apps as well.