“Uber announced a series of new features Friday aimed at enhancing driver experiences on the ridesharing app as drivers continue to contend with high gas prices and inflation rates. Drivers across the U.S. will be able to see exactly how much they’ll earn and where they’re going before they accept a trip. They’ll also be able to see more than one trip request at a time by using a new feature called Trip Radar. Uber said those changes will also help lower wait times for riders.   The company also announced the Uber Pro debit card and checking account, which offer drivers up to 7% cash back on gas at select stations. Drivers’ earnings will be deposited directly into the account.”

“Uber plans to add long-distance travel bookings to its UK app this year, including intercity trains, coaches and flights, as chief executive Dara Khosrowshahi reboots the “super app” strategy he first outlined several years ago. The plan is to expand Uber’s ride-booking app into a one-stop shop for travel that could eventually include hotels. This is aimed at providing a “seamless door-to-door experience”, said Jamie Heywood, Uber’s regional general manager for UK, northern and eastern Europe. The UK, one of Uber’s biggest markets outside North America, will pilot the service before a wider rollout.”

“Uber Technologies Inc. ’s financial services leader Peter Hazlehurst is calling it quits as the ride-hailing giant focuses on rides and food delivery, and ices plans to become a financial services company. In an email to staff on Thursday, Uber Chief Executive Officer Dara Khosrowshahi said that Uber will “deprioritize” several of its finance-related projects, which have included credit cards, a digital wallet and instant payments for drivers. Khosrowshahi wrote in the email to staff reviewed by Bloomberg that in light of the change in direction at the company, “I understand Peter’s decision to pursue something more aligned with his passion and initial ambitions.””

“The “pivot” to fintech has been a popular strategy among Asian tech and ride-hailing companies. India’s Ola made fintech a priority in 2015 after spinning out its payment service, Ola Money , into a standalone app. Indonesia’s Go-Jek started its Go-Pay service in 2016. “There is some precedence for success,” Bernstein analyst Harshita Rawat said of big tech platforms in Asia offering financial services. Companies like Uber know a lot about their workers, and can leverage that information to offer tailored loans and other services.”

“The company announced on Monday the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards. The emphasis, at first, will be expanding Uber’s efforts to give its 4 million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride, according to Peter Hazlehurst, who will head the new division.”

“Back in June Uber went on a hiring spree in New York, hiring at least 100 fintech-oriented tech workers to ostensibly look at creating products to increase loyalty and engagement among users and drivers, including things like banking. Cue a flurry of speculation. It now looks like Uber is taking baby-steps towards building such a raft of products out, potentially by offering loans directly to drivers, according to a report from Recode/Vox .”

“The statement says 87% of Uber’s $49.8 billion in gross bookings last year were on credit or debit cards. That translates into $43.5 billion in card volume. Uber defines gross bookings as the total dollar value, including taxes, tolls and fees, of its ride-sharing, dockless bike and scooter rentals, Uber Eats restaurant deliveries, and freight services. Gross bookings rose 45% last year from 2017’s $34.4 billion, which in turn were 79% higher than 2016’s $19.2 billion. Uber customers usually book their services through Uber’s mobile app. San Francisco-based Uber says it paid $749 million in credit card processing fees in 2017, up 62% from $461 million in 2016.”