Ride hailing company, Uber, has introduced a new service, Uber Money, to expand its financial and tech offerings to users and its drivers.
With Uber Money, drivers on the platform don’t have to wait for weekly payment or use the instant cash-out features. They will now have access to real-time earnings after every trip through the Uber Debit account.
Also, drivers in the US (with other countries like Nigeria to follow soon) can now sign up for a no-monthly-fee Uber Debit Account. This feature is integrated seamlessly into their Uber Driver app.
Another service designed exclusively for drivers on the Uber Money platform is the Uber debit card. It helps Uber drivers keep more of what they earn by rewarding them for everyday spending.
The debit card will adopt the cash back on gas offering that premiered on Uber Pro last year. Drivers can have cash back on gas starting from 3 per cent and up to 6 per cent for the highest tier of Uber Pro drivers.
In the coming weeks, a digital Uber Wallet will also be added to the Uber Driver app to allow drivers easily track their earning and spending history, manage and move their money, and discover new Uber financial products.
With the wallet, drivers can have real-time information about what they have spent across Uber platforms all in one place. It will also be easier to transfer earnings from one Uber service to another.
Uber users are not left out. The company is partnering with Barclays to relaunch its the Uber Credit Card which was introduced two years ago. To entice customers, Uber’s new credit card will offer 5% cash back in Uber Cash from spending across the Uber platform, including Uber Rides, Uber Eats, Jump bikes and scooters.
After 5 years in Nigeria, Uber has carved out a niche in the ride-hailing market in Lagos and Abuja. The new financial service features like the cash back on gas could come as welcome relief for Uber Driver as it helps increase their earnings by reducing their fuel budget.
The drive for financial inclusion has been loud especially in Nigeria, with major tech companies diversifying their services to accomodate a wider range of consumers. Uber’s expansion could trigger local competitors like Bolt to adopt similar services and in doing so, ensure loyalty in drivers and users.
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