Cryptocurrency As Payment: Is Uber Ready To Get Started?

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After what seems like waiting forever for answers to the eager request from cryptocurrency users about the option of using crypto as payment, the CEO of Uber has spoken about the rideshare company’s position on this and that they will soon begin accepting digital coins as payment. But, how soon this will be is not clearly stated.

Cryptocurrencies and other digital tokens are becoming increasingly acceptable to individuals and businesses. Not only are they used as assets, but a couple of companies also accepts them as payments. The acceptance shows how far cryptocurrencies have come to enjoy such wide use.

Big corporations like Tesla have already started accepting crypto for payments for some of their products, and it is rumored that Wikipedia, Amazon and Starbucks might soon follow suit.

Currently, it is the turn of the biggest ride-sharing company globally, Uber. The ride-sharing company plans to begin using cryptocurrencies as an option in payment for its service. Uber is a registered American transport company known for ride-sharing and other transport-related services. It is an outstanding taxi service, and chances are every one of us has experienced using Uber to reach our various destinations.

According to Dara Khosrowshahi, CEO of Uber, the company is open to accepting crypto payments in a recent interview. However, Dara mentioned that some obstacles need to be addressed before crypto is confirmed as payment for services.

Because of the nature of digital coins and the process of using them, some changes are required for businesses like Uber to embrace them.

What The CEO Is Trying To Say

According to the CEO, the company always discussed the rising digital currency trend during its board meetings and the possibility of adopting cryptocurrency payments. But, there are some things to be ironed out before this happens.

Dara states that cryptocurrencies are highly valuable and are a good medium to store assets. However, using them comes with a unique complication, like their pricey exchange system. The high transaction fees for tokens like BTC across all crypto wallets are not encouraging for the industry. A proper exchange mechanism is needed to accommodate the uniqueness of other businesses.

Nonetheless, the company would consider cheaper and eco-friendly digital coins for payment. Combining environmental friendly digital assets and affordable transaction fees is more likely to see Uber embracing cryptocurrency.

Furthermore, the CEO restated that the company is closely watching the crypto industry and making their decisions public sometime in the future.

Uber’s Move Towards Cryptocurrency

Before last year, Uber’s CEO had stated that the company had no plans to tow the path of Tesla by converting its cash portfolio into Bitcoin. The statement directly indicates that Uber is not planning to start accepting crypto as payment. 

But, it is now a possibility. Going by the same statement, one can deduce that the Uber CEO has left the door open for the possibility of adopting crypto in the company’s payment system for its Uber transport service and food delivery service, UberEats.

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