Can Uber Money Compete With Apple Pay?

Ride-hailing giant Uber (NYSE: UBER) is branching out into fintech. Uber recently announced a debit card and account service for its drivers (and eventually for its customers) that will be part of its umbrella financial-services division, Uber Money. Management hopes the expansion into fintech will help boost its stock -- and maybe even help Uber compete with Apple (NASDAQ: AAPL).

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Uber Money will offer debit cards and accounts to make it easier and faster to pay drivers. The financial service will also help drivers save on gas with cash back on debit card purchases. "We ... want to make every dollar earned on Uber go further, which is why the refreshed Uber Debit Card will launch with cash back on gas starting at 3% and up to 6% for the highest tier of Uber Pro drivers," said Peter Hazlehurst, head of Uber Money.

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Source Fool.com