Uber announced a new division of its business Monday called Uber Money, a digital wallet aimed at drivers on its platform.
The new financial products are designed to, among other things, help drivers get paid faster, specifically through a new Uber-branded debit card as well as an Uber-branded credit card.
Uber Debit
The biggest news comes in the form of that debit card. With it, drivers will have access to the cash they earn driving immediately after a ride ends. For instance, if a driver earns $15 driving someone to the airport, that $15 will be available immediately post-ride for them to fill up with gas at the gas station around the corner.
The account doesn’t require a minimum balance like many other debit accounts, nor does it charge overdraft fees or have any other monthly charges.
Uber will also be offering cashback when drivers use the card to purchase things from select businesses pertinent to their Uber driving. For instance, right now the card is offering 3% back on gas purchased from Exxon and Mobil stations and 1.5% cashback on all other gas station purchases. Drivers can also get 2% back on purchases made at Walmart (up to $100 cashback per month), 15% off select services at Jiffy Lube, and 10% back on purchases from Advance Auto Parts and Carquest locations (up to $100 per month).
Cash-strapped drivers can also overdraft their account up to $100, which might be a necessity in some situations, so they can buy gas prior to starting a driving shift.
Uber Credit
The Uber credit card is a relaunch of the company’s Barclays credit card and works like a normal credit card; however, offers some solid cashback options. Specifically, it offers 5% back in “Uber Cash” to redeem for Uber products like rides, Uber Eats purchases and rides on JUMP bikes and scooters. Credit cardholders also get 3% back on hotels, airfare, and restaurant purchases and 1% back on everything else.
Both products will also be connected to a new Uber Wallet app. Within that app, drivers will be able to track their earnings as well as their spending history, manage and move their money, and see new financial offerings from Uber in one place. Wallet is expected to roll out in the Uber Driver app over the coming weeks and is expected to be added to the Uber and Uber Eats apps in the future.
Apple Pay and Google Pay are expected to be added to the app early next year.
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