Uber is allegedly planning to expand into financial products with a fintech outpost based in NYC. The company is looking to hire several dozen engineers and product managers. The exact nature of these financial products remains unclear.
There are many possible payment and lending innovations Uber could come up with: It has 93 million active users globally, most of whom use linked credit cards or fund a wallet called Uber Cash to pay for rides and food delivery. The two major areas being looked at by its financial products team involve building “payment experiences” that encourage riders and eaters to use Uber or remove costs from the system, and helping contractors manage the funds they earn, according to a job posting. That’s in line with products Uber has already released, like Uber Cash, which includes discounts when a user funds the wallet, its loyalty program Uber Rewards, and its co-branded credit card. On the other side of the service, Uber allows drivers to get paid as often as five times a day instead of waiting for weeklypaychecks