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Uber will be giving its 4m plus drivers around the world access to a mobile bank account so they can get paid after each ride. With 40% of Uber rides still paid for in cash, it is also likely contemplating a bank account for its nearly 100m consumers on the platform as well.
“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,” Hazlehurst said in a phone interview. Under pressure to turn a profit amid competition from new ride-sharing entrants around the world, Uber is betting that by building out its financial ecosystem, it can keep drivers and riders loyal to its platform. The company topped 100 million monthly active users this year. Many of them use credit cards to pay for rides and food orders. Future products could remove costs related to financial middlemen or generate new revenue streams.
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