Will Uber start using crypto?
Uber is a ridesharing app that gives people an easy way to find transportation with simple steps of the app, which includes a map with the name of the driver, rating, price; and even their phone number for you to contact them.
We use the app during our daily lives to get from point A to point B. For example, if we go to the gym, we may select the location and then it will give us a list of available cars that are near our location; we would select the one that looks good, and then it will send our location to the driver.
We can even request for a car with our own personal car settings – not using their service at all.
My Experience with Uber:
For me, there’s nothing better than getting an uber ride from my house to my office. I could not imagine my life without it, as I can easily pay for my rides with crypto.
It is nice being a passenger because you will have nothing to do – just sit there and your ride will arrive at your door.
Uber Technologies’ Chief Executive Officer, Dara Khosrowshahi, has indicated that the company may opt for crypto-based payments some point in the future. The CEO revealed that it is not yet known just how such a change would take place and how much of Uber’s current payment transactions would be impacted,
but he did say that the move was likely. Khosrowshahi revealed this information to Bloomberg on Tuesday. “We are open-minded about crypto at Uber,” he said. “If we did [accept crypto], it would be with an eye on our customer and making sure they can pay for the ride.”
It was reported that Khosrowshahi hadn’t yet made up his mind about what direction the company will go regarding cryptocurrency payments.
“We don’t have a timeline,” he said, but he did say that if and when the company does begin to accept crypto, “it’s not going to be tomorrow.”
Uber is currently valued at around $72 billion USD. The company has around 1.5 million drivers who drive only for Uber and have completed the company’s background check and certification program.
According to Khosrowshahi, some of the payment transactions currently handled by Uber actually take place in fiat currency. “There is some crypto that comes into the company right now,” he said, but he did not disclose any specific numbers.
He did confirm that a few hundred thousand dollars’ worth of digital currencies are exchanged each month between various functions and divisions within the company.
Khosrowshahi also cited the lack of blockchain standards as a reason Uber hasn’t moved toward crypto payments. “There are a lot of standards that have not been met, and
it’s a matter of time,” he acknowledged, adding that he thinks the technology will be around for another 10-15 years.
Khosrowshahi also said that Uber is already considering the possibility of creating its own digital currency. But for now, there are no immediate plans in place to make the jump from fiat to crypto.
Published By – Pawan Rajput
Edited By – Mahi Gupta
