Uber applies for e-money license

Ride hailing behemoth Uber has confirmed that it has applied to the Dutch central bank for an e-money license as it looks to broaden its range of consumer-facing services.

In a statement issued to Sky News, an Uber spokesperson confirmed: “We have submitted an application for an e-money licence in the Netherlands, where Uber’s international headquarters is based.

“We are constantly expanding the range of products we offer and improving the experience for those who use our apps. The way we handle payments is an important part of that.

“An e-money licence will enable us to support the continued innovation and growth of our business in Europe by streamlining our payment processes.”

According to Sky sources, the application is being handled by a new subsidiary called Uber Payments BV.

Uber may be hoping to emulate the success of South East Asian rival Grab, which has its own P2P payments app and recently moved deeper into financial services with the launch of a dedicated unit and the introduction of micro-loans and insurance products.