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Contxto – No matter the industry, many startups nowadays want to incorporate fintech features, even Uber. In collaboration with Brazil’s youngest unicorn EBANX, the U.S. scale-up recently revealed plans to launch Uber Pay in Latin America’s largest economy.
Through this arrangement, Uber users in Brazil can anticipate on making mobile payments, transfers, deposits, as well as using QR codes. Other companies such as Spotify, Cambly, and Airbnb already use EBANX’s payment processing platform.
Uber officially revealed this development at Money20/20, a fintech event in Las Vegas, Nevada, according to Forbes Brazil. Exploring the future of finances across the world, the U.S. event will run until October 30.
After Brazil, Uber reportedly intends to provide these financial services in Mexico and India down the road.
Moving along, Uber Pay intends to make life less difficult for Brazil’s unbanked population. Based on Locomotiva Institute’s figures, there are over 45 million Brazilians without a bank account.
New services will also allow these users to pay for services or purchase credits through their mobile phones. With these wallet features, Uber also hopes to further pursue business opportunities with partners through the new API (application programming interface).
Besides EBANX, Uber has collaborated with various other companies to make Uber Pay a reality. For example, GreenDot from the United States, which develops prepaid debit card technology, as well as Dutch Adyen, a payment solution for e-commerce merchants. Another partner was Rapyd from England that possesses a fintech-as-a-service platform, including identity verification.
Since 2018, Uber has been offering Uber Cash rewards for Uber and Uber Eats. At times, users can receive up to 5 percent off their orders. While Uber Cash allowed people to top-off their balance for in-app use, Uber Pay will be a full-out payment solution.
That’s to say, any amount deposited into your Uber account can go towards transfers and payments outside of Uber’s apps.