Uber is further exploring the financial services business with the creation of a new team, Uber Money. Uber Money is now responsible for all-things pertaining to financial products designed to support drivers, Uber Money Head Peter Hazlehurst wrote in a blog post today.
Within the driver app, drivers will soon have access to Uber Wallet so that they can more easily track their earnings and spending history, as well as manage and move their money. Wallet will start rolling out in the driver app in the coming weeks, and will later be available in the Uber and Uber Eats apps.
In sum, Uber Money currently oversees Uber’s credit card, debit card, wallet for drivers, Uber Pay, Uber Cash and other financial products Uber may deploy down the road. This year, the team also plans to integrate the Uber debit account and debit card for drivers in the U.S. into the driver app. Down the road, Uber says it will make this available to drivers in other countries. Additionally, Uber will start offering cash back on gas starting at 3% and up to 6% for the highest tier of Uber Pro drivers.
Uber has long been at odds with its drivers when it comes to pay. The last several years have been filled with lawsuits, protests and a legislative win for workers in California regarding how Uber classifies its drivers. While financial tools may be helpful to drivers, it does not fix the core issue at hand for the many drivers who want to be treated as employees rather than 1099 independent contractors.