Uber has entered into a partnership with HSBC to introduce Flexpay, a novel on-demand payout solution aimed at enhancing the financial wellbeing of its drivers in Egypt. The innovative platform, which is set to be launched this week, will offer direct mobile wallet payouts through HSBC’s payment infrastructure, HSBCnet. This development is expected to save nearly 5% of the drivers’ earnings and increase their liquidity by providing a cost-effective and convenient method of payment.
Anabel Diaz, Uber Vice President and Regional General Manager for Europe, Middle East, and Africa (MENA), stated that the company is striving to offer more inclusive financial solutions for its drivers in response to the current economic crisis and to further the cause of financial inclusion. Todd Wilcox, CEO and Deputy Chairman at HSBC Egypt, added that the alliance between the two companies will enable quick and secure disbursements through the use of HSBC’s digital expertise and worldwide network.
This announcement comes as Uber is looking to expand its presence in the Middle East and North Africa region, with the launch of Uber Travel in Egypt and Saudi Arabia. The ride-hailing company, which is currently operating in 45 cities worldwide, is making efforts to gain a foothold in the region where local players like Yassir have established a significant presence. Yassir, a digital taxi service that also provides delivery and telemedicine features, recently raised $150 million in a Series B funding round to further its expansion across the African and Middle Eastern continents.
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