Uber launches Uber money!
Updated: Oct 29, 2019
Ride-hailing platform Uber Technologies announced a suite of financial products on Monday 28th, including branded payment cards, aimed at making transactions and payments for its contingent of drivers and consumers easier.
The new unit Uber Money will be headed by Peter Hazlehurst, who is described as the company's head of payments and financial services, according to LinkedIn.
CNBC reported that Uber is hoping to create a smoother, more stream-lined payment process for some four million drivers and couriers in operations like Uber Eats. About 40% of Uber trips globally are paid using cash and the ride-sharing company plans to reduce that percentage, CNBC reported.
Shares of Uber were gaining 1.6% Monday afternoon as the Dow Jones Industrial Average DJIA, +0.39% and the S&P 500 index SPX, +0.54% also rose solidly toward all-time highs.