Uber Money will give the company an even tighter grip on its drivers’ finances

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Uber is making a new push into banking with Uber Money, its new division focused on financial services.

Image: uber 

By Karissa Bell2019-10-29 00:40:30 UTC

Uber is starting to look more and more like a bank.

The ride hailing giant unveiled Uber Money, a new division for the company focused on providing financial services for its riders and drivers, starting with debit and credit cards. 

Though Uber has dabbled in these kinds of services in the past, Uber Money represents the company’s most significant investment in the space. The move will also likely prompt criticism for the company, which has faced pushback over low wages and its resistance to providing benefits to drivers.

Uber Money is the company’s most aggressive push into financial services.

For drivers, the new Uber Money “benefits” are focused around making it easier to access their earnings. The company is expanding Instant Pay, which makes earnings for rides and deliveries available immediately. Uber is also introducing a new debit card for U.S. drivers. The debit card will give drivers cash back benefits on gas purchases, and will allow them to access “no-cost $100 overdrafts” when they need short-term loans, according to CNBC.

Uber’s app for drivers will also get a new wallet section to help drivers track their money. 

Though most of Uber Money’s initial efforts are aimed at its army of drivers, the company also plans to extend its financial services to riders as well. Uber will launch a new version of its Uber-branded credit card, which it fist launched in 2017. With the latest Uber Credit Card, card owners will get 5 percent of all Uber purchases back in the form of Uber Cash. 

The company is also not ruling out eventually bringing riders into its banking services, with Uber Money chief Peter Hazlehurst telling CNBC the company could make its debit accounts available to riders in the future. 

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