Earlier this month Sberbank, Russia’s national savings bank, and Uber announced that they signed a Memorandum of Understanding “to explore the co-development of financial technology with global potential.”
For example, Uber could use Sberbank’s sophisticated mobile payment technologies to improve the ease with which new Uber users verify their account and pay securely.
“Paying for your ride electronically is one of Uber’s greatest attractions — there’s no fumbling for the right amount of cash once you arrive. Yet people prefer different ways to pay, which is why secure mobile banking is so interesting,” said Niall Wass, Uber’s SVP of operations throughout Europe, the Middle East, Africa and the Asia-Pacific region.
“Sberbank is at the global forefront of financial technology and we are excited by the opportunities of working with them to deliver even more choice for riders and drivers alike,” he added.
In addition, “Uber is considering how Sberbank’s innovative and business-friendly entrepreneur banking could make the administration and legal process of starting and maintaining a business easier for self-employed drivers.”
In turn, Sberbank may look to offer the growing network of Uber partner-drivers different vehicle financing opportunities.
The number of qualified drivers choosing to use Uber in Russia is increasing rapidly, according to the US company. However, some drivers consider Uber’s lower fares to be a threat to their livelihoods, and demand that the company be investigated and prosecuted for “unfair competitive practices” that violate Russian law. Thus on September 7, a group of Moscow taxi drivers gathered together for a protest against Uber.
