Saturday, November, 16, 2019 04:53:16

Uber has effectively revolutionized urban transit across the globe. With each passing day, the company is developing new systems and services to improve transportation via its platform. Uber is also partnering with other tech firms to strengthen its services and enhance business reach.

A similar incident occurred recently when Brazilian digital bank, Banco Inter SA, and Uber initiated talks to forge a partnership in financial services. Sources cite that this move signals how Japanese investment conglomerate, SoftBank Group is working to integrate its business in Latin America. For the uninitiated, SoftBank is a shareholder in Uber and this year acquired a 15% stake in Banco Inter.

According to reports, the planned partnership could target around 3 million clients of Banco Inter and Uber’s drivers. However, the terms and conditions of the partnership are yet to be disclosed.

As per sources, Brazil is the largest ride-sharing market for Uber outside the United States and the partnership could boost Banco Inter’s business. São Paulo is also the largest client base for Uber in the world.

While in Mexico, Uber has a partnership with bank BBVA and Mastercard to introduce a commission-free debit card for drivers. Federico Ranero, Uber Mexico’s General Manager claims that their firm supported the expansion of financial services in the country.

Meanwhile, reports claim that this is the first launch for Uber outside the United States, and would be present in six Mexican cities, namely Monterrey, Tijuana, Mexico City, Puebla, Guadalajara, Merida. Additionally, Uber plans to extend its reach to rest of the country following the rollout.

Apparently, the partnership with BBVA implies that Uber drivers can open accounts in the app without the required need to visit an actual bank. Softbank on the other hand has also launched a $5 billion Latin America fund, with an aim to invest in tech firms across the region, including FinTech, eCommerce, and healthcare.

Source Credit – https://in.reuters.com/article/us-banco-inter-uber-softbank/uber-and-banco-inter-in-talks-to-forge-partnership-in-brazil-source-idINKBN1WS0M6