Covid also takes away Uber Money's dreams

Covid also takes away Uber Money's dreams
Uber has decided to abandon its efforts to enter the world of financial services. In short, the group will not have its own digital portfolio and will not expand its services in this area, although for a long time it has attempted this path.

Uber is a reality as well-known as it is still unstable in seeking the center of gravity of the own identity. A resounding international success in the world of ride sharing, a brand targeted in many countries for competition (considered undue) against taxis, a service that in the midst of every storm has tried to reinvent itself as it will this time.

Uber, no to the digital wallet

The announcement arrived with great pomp at the end of 2019:

Today we present Uber Money, an internal team at Uber working on technologies and products related to finance that offer added value to the Uber community, at the speed of Uber.

Here is the video with which Uber presented the project (as long as it remains available before a possible removal from YouTube):

Now, with a simple email, the CEO of the group, Dara Khosrowshahi, has communicated the interruption of any experimentation in this direction: Peter Ha zlehurst leaves the division's leadership, the team is dismantled and the Uber Money project ends here.

Uber has been heavily hit by the shock of the Covid, seeing their income collapse unexpectedly, and thus losing all the economic sustainability of the middle period: the company has immediately proceeded to the layoffs to steady himself, but he obviously has had to deal with the divisions more difficult to sustain (although hypothetically promising). On Uber Money had been spent high-sounding words, with ambitions and enthusiasm galore, but the whole thing lasted barely a winter, spring has taken away the enthusiasm and the summer has taken away all the rest of it.

Uber back to concentrate on transport and food delivery , looking for that centre of gravity, that every great brand must have before they can aspire to something bigger and further.

Source: PYMNTS

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