Uber has teamed up with HSBC to launch Flexpay, a new on-demand payout solution in Egypt.
The two companies announced the launch in a joint press release on Wednesday (Feb. 7), stating that Flexpay will empower unbanked Uber drivers by paying out directly to mobile wallets through HSBC’s payment platform HSBCnet.
According to the release, enabling Flexpay will save almost 5% of drivers’ earnings by providing them with a direct and cost-effective way to get paid and increase their liquidity.
“We are working towards providing more financially inclusive solutions for drivers on the platform, to support them during these challenging economic times, and to accelerate financial inclusion,” Uber Vice President and Regional General Manager for the Mobility Business in Europe, Middle East and Africa (MENA) Anabel Diaz said in the announcement.
Todd Wilcox, deputy chairman and CEO at HSBC Egypt, added “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.”
The latest new feature in Egypt comes at a time when Uber is expanding its presence in the region, for example, by launching Uber Travel in Egypt and Saudi Arabia.
Although present in several MENA countries, Uber is not nearly as ubiquitous in the region as it is in other parts of the world.
However, in countries like Algeria, the absence of the global ride-hailing firm has created an opportunity for local players to step up and meet demand. There, Yassir has emerged as one of the most popular digital taxi services and a candidate to be the country’s preeminent super app thanks to its delivery and telemedicine features.
Currently operational in 45 cities in Algeria, Morocco, Tunisia, Senegal, Germany, France and Canada, Yassir recently raised a $150 million Series B funding round to help fuel its growth across Africa and the Middle East.
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