Uber pares back digital wallet ambitions, head of unit quits

Uber pares back digital wallet ambitions, head of unit quits

Uber CEO Dara Khosrowshahi
FILE PHOTO: Uber CEO Dara Khosrowshahi speaks during a meeting with the Economic Club of New York in New York City. REUTERS/Andrew Kelly

NEW YORK: Uber Technologies Inc's financial services head Peter Hazlehurst is stepping down as the company focuses on rides and food delivery, and ices plans to become a financial services company, Bloomberg News reported, citing an email to staff.

Chief Executive Officer Dara Khosrowshahi said in the email that Uber will "deprioritize" several of its finance-related projects, which included credit cards, a digital wallet and instant payments for drivers, the report on Thursday added.

Last month, Uber cut 23 per cent of its workforce and said it will focus on its core businesses and planned to reduce investment in several "non-core projects" to weather the impact of the pandemic on its business.

Source: Reuters

Bookmark