Uber reveals its new financial services team Uber Money - Business Insider

. The card, which consumers can apply for now, is offered in partnership with Barclays and provides 5% back in Uber Cash for purchases from Uber services, 3% back in Uber Cash for hotel, airfare, and restaurant purchases, and 1% Uber Cash back for all other purchases. For context, Uber Cash was in September 2018, can be used to pay for Uber services, and can be purchased directly or earned via rewards.

It's updating its Uber Debit Account for drivers, giving them real-time access to their earnings, and refreshing the as well. Uber is adding access to its Uber Debit Account to the Uber Driver app and offering drivers the ability to receive their earnings after each trip they make.

Debuting Uber Money makes Uber the latest tech company to move into financial services. It joins the ranks of like Apple, Google, and Amazon and ride-hailing companies like Grab and Gojek that have made significant payment plays. These companies' key advantages in financial services are their established user bases and variety of services, which they can leverage to convince consumers to use their payment options. So, Uber will need to effectively leverage its monthly active platform users, along with its ride-hailing and food-ordering services, to ensure the venture succeeds.

Because Uber records a huge amount of card volume, its financial services could both prove lucrative and help it cut costs. The company $43.5 billion in card volume in 2018, giving it a clear opportunity to capture new revenue from noncash payments through its financial services. Additionally, its high card volume likely means Uber faces significant credit card processing fees, so its new offerings could help limit those and improve the company's overall performance.

Source: News Formal (newsformal.com)

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