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July 3, 2019

Uber teams up with Mastercard and BBVA to launch debit cards in Mexico

Ride-hailing services provider Uber Technologies is set to launch a debit card for its drivers in Mexico.

Uber Mexico general manager Federico Ranero told Reuters that the company is partnering with BBVA and Mastercard to offer the new Uber debit card.

Initially, the offering will be launched in six Mexican cities and will be gradually rolled out across the country.

The move will also enable the drivers to open a BBVA bank account through the Uber app. BBVA head of open banking Carlos Lopez-Moctezuma told the news agency that the drivers will not have to pay any commissions to use the card.

Uber already offers such debit cards in the US but the Mexican offering will be its first international roll out.

Furthermore, the move will support financial inclusion in Mexico, a country which is largely dependent on cash transactions.

The ride-hailing firm requires all its drivers in Mexico to have a bank account to receive their earnings. This is part of its efforts to promote banking.

Ranero noted that around 35% of Uber workforce in the country opened an account solely for this purpose.

The ride-hailing provider currently accepts cash payments from the customers who do not have a bank account. However, the Mexico City authorities have recently introduced a new regulation banning cash payments for app-based rides.

Ranero told Reuters that it is planning to discuss the issue with the regulators and will continue to accept cash fares in meantime.

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