Uber has launched a new division called Uber Money, which will provide financial products and services to Uber drivers and riders.
Features which will be launched as part of the Uber Money platform include debit cards for drivers, an in-app wallet, and an improved credit card for riders.
While Uber drivers and Uber Eats couriers previously had to wait for weekly payments or cash out their earnings by using Instant Pay, they will now have real-time access to their earnings through an Uber Debit Account.
The company has also integrated this mobile bank account into the Uber Drive app.
Uber Cards and Wallet
Drivers in the US can also apply for a new Uber Debit Card, which will offer cash back on fuel purchases starting at 3% and reaching up to 6% for the highest tier of Uber drivers.
Uber plans to roll out the Uber Debit Card to more countries in the near future.
The Uber Wallet will allow drivers to keep track of their earnings and spending and give them the ability to manage and move their money.
This wallet feature will also be available for riders within the Uber and Uber Eats applications, allowing them to keep track of their spending from within the apps.
In addition to the changes for drivers, Uber is also relaunching its Uber Credit Card for riders in partnership with Barclays.
The changes made to the Uber Credit Card mean that cardholders will now receive 5% back in Uber Cash from spending on Uber rides and Uber Eats.
This is in addition to a number of other bonuses, including 3% cashback in Uber Cash on hotels, airfare, and restaurant purchases.