Feb 12, 2020 | AS Team
The ride flagging firm Uber is all set to expand its Fintech presence in India by establishing “Uber Money” a team consisting of over 100 technology professionals that are accountable for global financial products and services as well as for technological innovations at the firm’s Tech Centre in Hyderabad. This becomes the firm’s first commitment of the sort, in the Asia- Pacific region.
The team is supposed to play a vital part in working on global features and advancements. These include real-time earnings updated debit accounts, and debit cards for Uber drivers, along with the Uber Wallet and an Uber credit card for the Uber riders.
Holding exclusive knowledge regarding the front-end, full-stack, mobile, machine learning as well as data engineering, the firm has stated the team will fixate on carrying out new payment strategies and on implementing and constructing financial compliance tools.
As per a source by Business Standard, Uber claims the digital wallet will help its drivers to keep easy track of their earnings and the history of their spendings and will also help them in discovering new financial products of Uber, all in one place. The firm also states that the team will make use of smart routing technologies to make payment gateways and in applying Uber AI models to make intelligent risk decisions.
Naga Kasu, Uber’s engineering director and Hyderabad site lead has claimed that apart from engineering the firm will also focus on scaling its data science analytics and product management organizations to establish Hyderabad as a full range tech site for the brand.
As per a report by PwC and the trade association Assocham, the total value of the transaction in the Fintech market of India is approximated to leap from almost $66.1 billion in 2019 to $137.8 in 2023 expanding at a compound annual growth of 20.18%.
Alongside Hyderabad, the Uber Money team is also positioned in San Francisco, Amsterdam, Palo Alto as well as New York.