UberCard: Uber Teams Up With Mastercard Inc to Offer New Debit Card

Uber is teaming up with Mastercard Inc (NYSE:MA) to offer its own brand of debit card in Mexico.

Uber, MasterCard, MA StockThe new UberCard will be distributed to customers of Bankaool, which is Mexico’s first online bank. It will carry the ride-hailing company’s logo on it and card holders will get their first ride free. So long as they don’t go over $100 on the trip.

Uber is hoping that by offering its own debit card in Mexico, it can get more people using its service. Many debit cards in the country can’t be used with ride-hailing services or for online transactions. The UberCard doesn’t have this restriction and isn’t limited to use with Uber.

“For us, this partnership represents an excellent example how a fintech bank, with its open IT architecture, working with a technology company can bring innovative and disruptive solutions to a wider segment of the population in the different markets,” Francisco Meré, CEO of Bankaool, told Business Insider.

The UberCard deal with MasterCard is the first time that Uber has offered its own debit card to customers. However, it has dealt in other forms of payment not normal for it. In some areas of the world, the ride-hailing service allows customers to pay for their trips with cash, reports Fortune.

It is possible that Uber may start offering its own debit cards in other parts of the world too. This will likely be dependent on how well the UberCard in Mexico is received and if it would be suitable in different markets. Neither Uber nor MasterCard have said anything about teaming up on debit cards in other countries.

MA stock was up slightly as of Monday morning.

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