Uber to create Money division for driver payments

Oct. 28 (UPI) -- Ride-share giant Uber on Monday announced Uber Money, a new division that it says will manage a digital wallet and more secure debit and credit cards in a bit to simplify payments to drivers.

The new division will include access for its 4 million drivers to a mobile bank account, to receive payments after every ride.

Uber said the addition will launch in a few weeks.

Uber said it will roll out a debit card with an "instant pay" service it's already been testing in the United States. In testing, more than 70 percent of driver payments were made with instant pay.

"Not only do you get access to your earnings in real time, it doesn't cost you anything to keep the money there and you can spend it whenever you want to," Peter Hazlehurst, who will lead the Uber Money division, told CNBC.