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Big Tech, Disruption & Trust: Can Uber Cross Over From Mobility to Money?

Chargebacks911® COO Shares Her Thoughts for Mobile Payments Today

Monica Eaton-Cardone, a leading thinker in the fintech field, recently shared her take on recent news regarding ride-hailing app Uber for Mobile Payments Today.

MobilePaymentsToday.com is an information resource focusing on mobile payments projects and technology. Their content, including news, videos, white papers, webinars, research, and more, helps organizations realize the cost savings and operational benefits promised by mobile payments.

Uber is known globally as an app to hail a car. However, the company wants to grow far beyond that narrow vision, expanding into the fintech space. As Monica explains, this is a brilliant move for the company to make in laying the groundwork for future growth.

“Payments processing isn't cheap; in fact, Uber paid $749 million in 2017 alone for credit card processing privileges. Every ride, every charge, translates to processing fees paid. By developing their own internal fintech products, Uber lays out an alternate path that could save billions of dollars a year in no time.”

Ultimately, the company aims to create a closed payments environment. Consumers credit their Uber account, then all transactions within that environment occur via Uber’s internal fintech platform. They even hope to expand into offering financial products and services for drivers in the future. That said, we can’t sacrifice security in the name of innovation.

“There are other issues to consider, of course. For instance, how will consumers resolve disputes involving these new fintech players? In the event of fraud or abuse by another party, consumers need to be able to recover their funds. And, if the answer provided boils down to little more than ‘you're on your own,’ that consumer trust we mentioned a moment ago will be nonexistent.”