Uber introduced the Instant Pay service last year as a way for drivers to access and use their hard earned money without having to wait for it to get transfered into their bank accounts. The logic behind the service is pretty clear considering that Uber drivers earn money on a daily basis and as such, don’t have a surplus amount to draw upon like folks with salaries do. In light of this fact, the company introduced the Instant Pay service so as to let them use the revenue from their Uber fares. Apparently, drivers have withdrawn almost $1.3 Billion using he service till date.
Uber first launched the program in association with GoBank. Drivers received a dedicated Visa card that allowed them to draw upon their earnings without having to wait for them to be deposited to their bank accounts.
Later though, Uber decided to expand this service to various other providers including MasterCard, Visa or Discover debit cards that were tied to checking and savings accounts. This latter expansion led to an explosion in the usage of the service, accounting for the fact that drivers managed to spend almost $1.3 Billion out of the revenue generated.
Ever since the first group of around 80,000 drivers, hundreds of thousands of new drivers have signed up and are now using this service. The company also took the opportunity to note that the 18th of November was the biggest day in terms of payout. Meanwhile, Uber has now decided to open the program up to even more drivers by bringing in new eligibility requirements.
So now, the service can be accessed by all drivers and UberEATS and delivery couriers. This is limited to drivers who have at least one trip on file, although only drivers in the United States will be able to utilize it. Uber also said that it will continue improving the application and its interface so as to make the experience better for its drivers. Of course, the company has been paying quite a bit of special attention to its drivers of late and has been working upon improving their experience. After all, drivers are the driving force for the company — pun intended — and the happier they are, the better it will be for the company.
