Uber is seeking for getting its footings into the payments and financial services by forming a division called Uber Money.
The company has got the plan of paying its 4 million drivers and couriers after each ride and anticipated to attain it via a no-fee mobile bank account, which would be integrated into the Uber Driver application.
Besides this, the company is revamping its Visa debit card and providing an offer of up to 6percent on the fuel purchases, and the drivers could make use of it by withdrawing from their accounts with no charges or fees at GoBank ATMs.
It is also providing a no annual charge credit card.
By 2020, Uber has got the aims of assimilating Google Pay and Apple Pay with its Wallet. Peter Hazlehurst—the Head of Uber Money told media that via this the drivers would be able to go cashless and would not be needing a physical debit card.
Presently, the company is targeting the drivers and couriers but would also look towards its customers, who might get their bank accounts on the Uber Money platform.
Previously, Lyft started the free bank accounts and debit cards with the cashback incentives to its drivers. In the months to come, Uber would be launching out the real-time remuneration, the cards, and the bank account.