Uber sets up ‘Uber Money’ team at its Hyderabad tech centre

Uber on Tuesday announced it has setup an 'Uber Money' team in India. Based at Uber's Hyderabad Tech Centre, the team is comprised of over 100 professionals who will be building on global financial and technology products. Uber has also set up similar Uber Money teams at its tech centres in San Francisco, Palo Alto, New York, and Amsterdam.

"With deep knowledge in front-end, full-stack, mobile, machine learning, and data engineering, the Uber Money team will focus on implementing new payment methods, enabling and building financial compliance tools, leveraging smart routing technologies for payment gateways, and applying Uber Artificial Intelligence models for intelligent risk decisions," the company said in a release.

Uber had first announced plans to enter the fintech space in October last year. The foray includes building solutions for drivers to help better track and manage their earnings. Uber also plans to develop Uber Wallet and improved Uber credit card for Uber riders.

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"With Uber Wallet, earners and spenders will now be able to easily track their earning and spending history, manage and move their money, and discover new Uber financial products all in one place. The Uber Wallet will start rolling out in the Uber Driver app in the coming weeks, and will soon start rolling out in the Uber and Uber Eats apps as well," Uber Money head Peter Hazlehurst wrote in a post last year.

The latest announcement comes shortly after Uber revealed it had handled over 50% of cab rides in India. The ride-hailing major claimed it had been the dominant platform in all the markets it operates. Uber said it facilitated 14 million rides in a week last year, up from 11 million rides a week.