Uber is expanding its business soon going to launch Uber Grocery, apart from that the company has also made another big announcement. On Monday Uber revealed it’s new division of business called Uber Money, which is a digital wallet aimed to help Uber drivers to track and get instant access to their earning.
To give instant access to the earnings of the driver, the company is also introducing its financial products such as Uber debit and credit cards. Among all these new financial products, Uber debit cards might be the best.
Earlier, Uber drivers and couriers who work for Uber Eats have to wait for the weekly payment or use the instant cashout feature to access their daily earning. But with Uber Money 4-million-plus Uber drivers and couriers can access their earning instantly after the trip.
Uber Debit Card
Apart from the easy-instant access to their earning after every ride, Uber debit card offers several other perks as well. Plus the account does not need to hold any minimum balance. There is no overdraft fees or monthly charges with Uber debit card.
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Not just this but Uber is also offering several cashback offers to the drivers, so that they can earn more. These offers are accessible with the Uber’s selected partners. Currently, the drivers can get 3% cashback on gas refueling from Exxon and Mobil fuel stations and 1.5% cashback on all the other gas pumps.
Drivers can also earn 2% cashback when they shop at Walmart (and they can earn up to $100 cash back per month). 15% cashback is available at Jiffy Lube and 10% on purchases made at Advance Auto Parts and Carquest.
Uber Credit Card
This one is not so different as it works like all the other normal credit cards. However, Uber has tried to make it special and offered several cashback offers. Uber credit card users can avail 5% cash back with Uber Cash, it can be redeemed simply by using Uber products such as Uber rides, Uber Eats and Jump bikes and scooters. Company is also offering 3 % cashback on hotels, restaurants and while booking flight tickets. Apart from that Uber credit card users can also avail 1% cashback on everything else.
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To make the process even simpler, both the credit and debit card features will be added into the wallet app. This will allow the drivers to get easy access to their earning and allows them to move money easily. This Uber wallet feature will come to the driver app in the upcoming weeks. And it is expected to add to the Uber and Uber Eats app in the near future.
Tell us what you think, do you think this step will help Uber to expand its business in the financial market.