Uber, the ride-hailing company, is expanding its slate of financial-services products, an initiative that is supported by a large and unique dataset.
Peter Hazlehurst, who leads Uber Money – a unit of the organisation unveiled in October 2019 – discussed this subject at Money20/20 USA, an event held by Ascential, which is also the owner of WARC.
And this division of Uber, he explained, has a mission that is broadly similar to helping a ride-hailing passenger reach their chosen destination.
“Our team's focus … is to really help everybody in their financial journey,” he said. (For more, read WARC’s in-depth report: Uber meets customer and driver needs with new financial-service offerings.)
Uber’s current slate of financial-services offerings include a debit card for drivers, which was first launched in the US, and offers features such as the ability to get paid in real time.
The company also has a credit card for US consumers that provides rewards in the form of Uber Cash – effectively, credits to be reclaimed against Uber services – for using its ride-sharing and food-ordering services, and for other purchases, too.
With over 100 million platform users and approximately four million drivers, Uber has a vast trove of data to leverage, including everything from email addresses to trip information and restaurant orders.
“If you look at all the data that we have, we have this amazing insight into how people are spending, how people are earning, and how they're operating on the platform,” said Hazlehurst.
“Why this is important for us is it allows us to build a better understanding of their spending [and] build models of their behavior.”
Uber’s financial-services efforts, he further reported, are underpinned by a mission, as shown by various features offered by its card for drivers.
Alongside providing 3% cashback on gas – rising to 6% for “diamond pro” drivers – the card offers a 2% rebate for transactions at Walmart, with similar agreements being pursued with retailers in different countries.
A $100 fee-free overdraft is another important account feature – as it means drivers can pay for fuel without being hit with extra fees if their balance slips into the negative.
Through its suite of solutions, “We think we can build at least 10% more spending power for every driver,” Hazlehurst said. “What that means is we're mission-oriented to help every dollar earned on Uber go further in the real world.”
Sourced from WARC