Uber Technologies is drafting plans to offer banking services to its drivers as part of an effort to fend off ride-sharing competition, according to a report by Quartz.
The plan would provide drivers with a chance to register for a bank account or prepaid card when they apply to work for the car service. This would allow drivers to be paid on the same days they work, rather than on a weekly basis, Quartz reported, citing interviews with unnamed sources and documents it reviewed.
Many Uber drivers also work with other ride-sharing apps, and the firm reportedly is hoping that the financial products will make drivers more loyal to Uber.
The San Francisco-based company has reached out to different partners regarding the new services, according to Quartz, which did not name any specific firms. Uber did not respond to a request for comment from American Banker.
Other banking-related services Uber is reportedly exploring include cash-back discounts, merchant offers and international money transfers.
Uber already runs a separate program that offers an auto-leasing option for prospective drivers.