Uber News: Ridesharing Company Announces Uber Money Team Focusing On New Financial Services

Ridesharing giant Uber said Monday that the company would have a new team dedicated to financial services called Uber Money. The branch will implement an Uber debit account for drivers that can be accessed by cell phone, and which can let drivers access their earnings.

Uber will also introduce a debit card for drivers, which could allow high-performing drivers to get 3% to 6% cash back on gas purchases. The Uber Money team is also going to add the Uber Wallet feature which allows spenders and earners to better track their finances when taking part in Uber services such as ridesharing or food delivery service Ubereats.

Another announcement by the team is that the Uber credit card is being relaunched. The card is being launched with the help of Barclays, and will grant the cardmember 5% back in cash when spending on Uber services.

The idea that Uber is trying to expand more into the financial-technology industry is not surprising. In June, the company announced that it was assembling a fintech team in New York with up to 100 employees. There have also been reports that Uber may also offer small loans to its drivers.

Uber may be trying to better compete with ridesharing rival Lyft, which has also pledged to give bank accounts and debit cards to drivers. Lyft said that these offerings are to entice drivers to join the service over competitors.