Finance Everywhere, Member Exclusive

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.
close

Email a Friend

Why on-demand transportation companies like Uber and Lyft are embracing financial services

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 Drivers’ payments will be credited to those debit cards, and the money can then be withdrawn at ATMs, or spent anywhere that accepts Mastercard.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.

“The goal is to make drivers’ everyday spending easier, and continue doing more for them,” a spokesman for Uber said. Last year Uber launched a debit card in the United States through Visa and GoBank. Lyft also announced Lyft Direct, a bank account and debit card available to its drivers.

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Why on-demand transportation companies like Uber and Lyft are embracing financial services”

Member Exclusive, Payments

Payments Briefing: Stripe launches fiat-to-crypto widget to simplify Web3 purchases

  • This week, we take a look at Stripe’s new fiat-to-crypto payment offering and what it means for the crypto industry.
  • We also discuss the potential benefits and pitfalls of implementing the Federal Reserve’s instant payment service, FedNow, for B2B transactions.
Ismail Umar | December 08, 2022
Lending, Member Exclusive

Lending Briefing: Customers would share data to improve their creditworthiness

  • Over 75% consumers believe that a credit score shouldn’t be the only determinant for loan eligibility.
  • In the absence of lending products that fit their needs, consumers are turning to fintechs and their families to avoid predatory loans or rejections.
Rabab Ahsan | December 07, 2022
Data Snacks, Member Exclusive

Data Snack: The dawn of bank branch 2.0?

  • The ‘death of the branch’ saga was all the rage back in 2020.
  • But now, with back-to-routine vibes emerging, it’s time to re-evaluate the role of a bank branch.
Rivka Abramson | December 05, 2022
Data Snacks, Member Exclusive

Data Snack: Millennial retail traders rise during the bear market

  • Millennials opened 46% of all new retail trading accounts in the first half of 2022, according to DriveWealth’s Global Investor Report.
  • The ability to invest with small dollar amounts was the most frequently cited motivator to start investing.
Lindi Miti | December 01, 2022
Green Finance, Member Exclusive

Green Finance Briefing: The stroll to zero – finance has a long way to go

  • At COP27, there were no commitments to phase down or reduce fossil fuel use in the final overarching deal, and there was no breakthrough in the rules of finance either.
  • GFANZ faces a serious question: what is the purpose of a net-zero alliance when members are allowed to continue investing in fossil fuel expansion?
Iulia Ciutina | November 30, 2022
More Articles