Why on-demand transportation companies like Uber and Lyft are embracing financial services
- Uber recently announced a debit card designed for its drivers in Mexico.
- Ride hailing apps are getting deeper into financial services. Here's why.
In Mexico, where the majority of transactions are still cash, Uber is now offering its drivers a debit card and other financial services, including loans. Drivers’ payments will be credited to those debit cards, and the money can then be withdrawn at ATMs, or spent anywhere that accepts Mastercard. Drivers can also apply for loans, and receive discounts at certain merchants when using the card, issued in a partnership with Spanish banking giant BBVA.
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