Uber to enter Indian fintech market with Uber Money

Ride-hailing startup Uber has recently announced that it would strengthen its fintech process in India with the formation of Uber Money. It has even set up a team of over 100 technology professionals responsible for global financial products and technology innovations, at its Hyderabad Tech center.

With the announcement, the company has surprised many who were earlier skeptical of Uber’s profitability after it reported losses and sold its food-delivery business UberEats to Zomato for a minority stake in the Deepinder Goyal-led company.

Other than Hyderabad, Uber Money team already has presence at the company’s San Francisco, Palo Alto, New York, and Amsterdam tech centers.

In an official statement, Uber said, “Team at the Hyderabad center will play an essential role in enabling upcoming new global features and improvements, including real-time earnings; updated debit accounts, and debit cards for Uber drivers; along with Uber Wallet and refreshed Uber credit card for Uber riders.”

Talking about the new initiative, Naga Kasu, Engineering Director and Hyderabad Site Lead at Uber said,”The Uber Hyderabad Tech Centre has the best in class Fintech talent specializing in risk, payments, financial reporting and analytics platform engineering. Besides engineering, we are investing in growing and scaling data science, analytics, and product management organizations to transform Hyderabad into a full spectrum tech site for Uber.”

The statement further added that with deep knowledge in front-end, full-stack, mobile, machine learning, and data engineering, the Uber Money team will focus on implementing new payment methods, enabling and building financial compliance tools, leveraging smart routing technologies for payment gateways, and applying Uber Artificial Intelligence models for intelligent risk decisions.

Uber’s Hyderabad Engineering Centre was started in 2014 and since then builds software products and platforms, focusing on providing a seamless experience to Uber’s global community. The center’s cutting-edge innovations and ability to generate high business impact have resulted in greater investments, increased hiring, and more responsibility for the site.

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