Uber to Launch UPI-based Uber Money in India in Summer 2020 to Offer Financial Services to its Driver-partners

Uber is set to launch Uber money in India by the summer of 2020 to offer better financial services to its driver-partners. The ride-hailing company plans to launch Uber Money in India within the coming six to eight months. Uber’s rival Ola is already running its financial services dubbed “Ola Money” since 2015. With the launch of Uber Money, India is all set to become the sixth country in the world to have such financial service.

Uber Money Renders Multiple Benefits to its Driver Partners

The main motive of Uber Money is to deliver financial benefits directly to the driving partners. Some of the features of Uber Money include Uber debit account, Debit card, Uber Wallet, and Credit card. With Uber debit account, drivers can have a view of real-time earnings and can withdraw the amount instantly, rather than waiting for a week for cashing out. Uber debit account offers real-time access to the drivers and couriers after every trip. The company also plans to provide credit facilities to the drivers based on payment history.

With Uber Wallet, the drivers can easily track the earning and spending history, manage and move their money and discover new financial products. Also, the company is reportedly in talks with fuel companies to offer cashback for its drivers. For drivers in theUS, Uber is launching a no monthly fee Uber Debit account, powered by Green Dot. Since Unified Payments Interface (UPI) is the preferred mode of money transfer in India, the company is looking to launch Uber Money based on the UPI interface in the country. The UPI-based Uber money would take on the likes of other payment platforms such as PhonePe, Google Pay, and Paytm. 

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Current Scenario of Uber in India

Uber, in the recent past, has been struggling to gain profits owing to strong competition from its rivals. The company has also launched the “Uber Moto” in India to offer affordable and convenient motorcycle ride through the Uber app. The ride-hailing company has also ventured into the food delivery services through “Uber Eats,” but has been doing slow for quite some time now.

For Uber, India has been among its top 10 markets, and the company’s chief Dara Khosrowshahi quoted the same during his visit to India. The company seems to be doing good in terms of booking volumes in the country. In the recent IPO (Initial public filing, the company revealed that it generated 13% of its total bookings from India in 2018.