“Uber Money” Ups the Game on Fintech Driven Employer Financial Services

Uber has announced Uber Money, a new division that will include everything from credit and debit cards, to digital wallets, and other tools to help drivers get paid more quickly and save.
The program is another indicator of employers providing more comprehensive financial services for lower-income employees.

“We wanted to help everybody understand that there’s a new part of Uber that’s focused on financial services and that has a mission of giving people access to the type of financial services they were excluded from” stated Peter Hazelhurst, the head of the new division.

There are currently over 900,000 active Uber drivers in the United States with many reportedly often making less than minimum wage and experiencing difficulty covering the expenses associated with driving and living.

Uber Money will offer what it calls Real-Time Earnings to drivers: Instead of waiting for weekly payments, drivers and couriers will have real-time access to their earnings after every trip through their Uber Debit account.

The Uber Debit Account for drivers has no-monthly-fee and integrates into the Uber Driver Wallet – which allows drivers to track their earning and spending history, manage and move their money in one place. In addition, the Uber Debit Card will be offering a minimum of 3% cash back on gas and up to 6% for the for the highest tier of drivers.