Uber is well on its way to launching Uber Cash in partnership with U.S. fintech company Flutterwave, having recently partnered with Ripple’s MoneyGram
Uber is about to launch its own digital wallet, Uber Cash, TechCrunch reports. The hail giant is not doing this in collaboration with its youngest partner MoneyGram, but with Flutterwave.
The latter is based in San Francisco, as is Ripple, who works with MoneyGram, a rival to Uber’s new digital payments venture.
Uber is launching its own digital wallet – Uber Cash
According to TechCrunch, Uber is in the process of launching its own Uber Cash digital wallet that would work in African countries.
Uber Africa worked on it with its partner Flutterwave – a South African fintech startup in San Francisco that recently raised $ 35 million in its Series B funding round.
Flutterwave has over ten partners – remittance companies – that it works with in Africa. The new partnership between Uber and the Africa-based company allows taxi drivers to refill their Uber wallets through Uber Cash through these companies.
Alon Lits, Uber’s general manager in charge of sub-Saharan Africa, said Uber passengers would be given the option to refill their wallets with one of the company’s dozen partners, depending on which country they are traveling in.
Uber Cash also accepts cash transfers from the Barter app – Flutterwave’s Visa product that launched last year. The app will launch this week.
In 2018, Flutterwave was integrated into the Ripple network.
Uber works with Ripple’s partner MoneyGram
About two weeks ago, as reported by U.Today, hail giant Uber signed a partnership agreement with remittance giant MoneyGram, backed by Ripple’s investments in 2019, that uses its ODL product to wire money between countries.
As part of the collaboration, drivers and couriers who work for Uber can send cash around the globe at a discount.
If anyone expected this business heavyweight collaboration to continue and expand, it has not happened yet.
Not Uber’s first fintech project
Uber Cash isn’t the first time taxi giant Uber has dipped its toes into finance. The company already has its own Uber Money service that Uber drivers can use to manage their expenses and income.