US-based ride hailing app Uber has created a new division to manage its growing financial and payment services business.
The new division will operate under the name Uber Money.
The ride hailing company also announced an array of financial services including the introduction of Uber Wallet. The wallet will enable drivers and couriers to track their earnings and expenditure and transfer funds.
The wallet will be made available in the Uber Driver app in the following weeks and subsequently in the Uber and Uber Eats apps.
Uber will also start paying the drivers and couriers after every trip, changing the weekly payments model currently in use. The ‘Real-Time Earnings’ will transfer payments directly to Uber Debit account.
Additionally, the company has decided to re-launch its credit card in collaboration with Barclays.
It will also update the no-monthly-fee Uber Debit Account, starting for drivers in the US. The upgrade will enable the account to integrate into the Uber Driver app. The plan also includes re-introducing the Uber Debit Card with cash-back offers on refuelling.
All the improvements are expected to be live this year.
These initiatives were announced by Uber Money head Peter Hazlehurst in a blog post. In the post, he wrote that the move is aimed at offering “additional value for the Uber community”.
In April, Uber secured $500m from online payments firm PayPal, when the two companies agreed to jointly develop the Uber wallet.