Uber has announced it is moving further into the financial services industry with the launch of Uber Money.
In Brief:
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The announcement was made at Money20/20 USA in Las Vegas this week.
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Uber will provide financial products to help people “access, manage and grow” their money.
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This will include the Uber Wallet as well as a debit card and prepayment options.
What does this mean?
The company has created a whole new business division to deal with its growing range of financial services products. Uber is using an API to link Uber Pay, its wallet and other features. It will not only allow users to manage their money but allow them to convert their Uber points from the ride-sharing app to use across all Uber products including Uber Eats. The new financial products will also enable drivers and couriers to access their earnings in real time.
