Ride-hailing app Uber and HSBC Egypt have partnered to launch Flexpay, a new digital payments solution to help drivers, particularly those that are unbanked, to access their earnings.
Flexpay enables on-demand cashouts into mobile wallets, giving unbanked drivers on the Uber platform access to 100% of their earnings through HSBCnet’s payment solution.
By enabling Flexpay, drivers will save almost 5% of their earnings, given that it is a direct way of receiving their earnings.
Todd Wilcox, deputy chairman and chief executive officer of HSBC Egypt, said: “By drawing on HSBC’s deep digital expertise and wide global network, we have developed an innovative and resilient payment infrastructure for Uber, enabling quick and secure disbursement of payments to drivers on their platform.
“This will facilitate easy and fast e-payments, which will help Uber automate their cash management processes.”
Anabel Diaz, Uber vice president and regional general manager for the mobility business in Europe, Middle East and Africa, said the ride-hailing company is providing more financially inclusive solutions for drivers on the platform to support them in the current economic environment.
Uber is also playing its part in accelerating financial inclusion, in line with the Central Bank of Egypt’s ‘Financial Inclusion Strategy for 2022-2025’, and Egypt’s Vision 2030, a national agenda launched in 2016 by the government.
“Egypt is one of Uber’s fastest-growing markets in the world, and this growth drives us to innovate and provide a convenient experience to drivers on the platform, which is why we proudly launched Flexpay to mobile wallets as another global-first from Egypt,” Diaz added.