Is the new Uber Money going to be a cryptocurrency?

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Uber recently announced its plans to launch its digital payment method, Uber Money. The cab-hailing platform will be digging deep into digital cash with its new financial service. Although it is speculated that the new fintech service is associated with digital currencies, the announcement nowhere involved the term cryptocurrency

As reported by TimesNext earlier, the new payment service launched by Uber will focus more on its 4 million-plus network of drivers, providing them easier access to withdraw quick cash from their Uber Money accounts. 

Uber Money, initially launched with a purpose to assist its drivers, is planning to roll out as an individual entity in the fintech sector. Other than offering its digital wallet services, the firm will also be launching its debit and credit cards offering exclusive cashback offers, which can be redeemed on any Uber service. The firm, a member of the Libra Association, has also might have been in talks to extend to providing banking services to its userbase on its platform. 

Several companies, including Facebook and Libra, have been striving to tap into cryptocurrencies as they foray into the flourishing financial tech sector. There, however, has been no mention of adopting crypto or blockchain payments into Uber’s system.

Cryptocurrency has been struggling immensely in the Indian sub-continent, where the virtual currency is not considered as a legal tender.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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