Uber Announces Uber Money to Offer Digital Wallet and More

US car service giant Uber announced on Monday that it will set up a new division called Uber Money, offering digital wallets, upgraded debit cards and credit card services. The credit card service project will be jointly developed by Barclays Bank. Peter Hazlehurst, head of the new department, said the department's initial focus was on providing mobile banking accounts that could be used by more than 4 million Uber drivers and couriers around the world to get paid in time for their work. Future products can eliminate costs associated with financial intermediaries or generate new sources of revenue. Uber is also launching a debit card worldwide, which has tested enhanced "instant payment" services in the US and several other markets. Another popular feature is a free overdraft of $100 to help cash-strapped drivers pay for petrol. The head of the department said that Uber will provide digital bank accounts for millions of passengers after it has been equipped with an e-banking account for drivers. Apple Pay and Google Pay will be integrated with the service early next year, and Uber's move is the latest sign that technology giants are seeking to enter the financial industry.