Will Uber start accepting crypto payments?

Uber CEO Dara Khosrowshahi revealed In a recent interview that the world’s largest ride-hailing company will eventually accept crypto as payment.

According to Khosrowshahi, Uber will “absolutely” accept cryptocurrencies in the future–just not yet. Here’s why. 

“We’re having conversations all the time”

The ride-hailing App is actively exploring adding the crypto payment option, but still hasn’t decided to take the leap.

“Someday,” Khosrowshahi told Bloomberg in a recent interview, adding the company is having conversations on the matter “all the time.”

“I think right now what we see with Bitcoin and some of the other cryptos is that–they are quite valuable as a store of value,”

Noted the CEO, who continued to address some of the major reasons why Uber is not just there yet to incorporate the technology.

And while customers patiently await for the ride which they will be able to pay in Bitcoin, it remains to be seen whether the company intends to make a public pledge in the form of investment–by purchasing Bitcoin for its reserve. 

According to Khosrowshahi, who stated environmental concerns surrounding digital mining as a key factor for still not making the move, the exchange mechanism carrying high transaction fees is also an issue holding Uber back. 

“As the exchange mechanism becomes less expensive, becomes more environmentally friendly–I think you will see us leaning into crypto a little bit more,” assured the CEO.

In the future-absolutely!

Even though “this isn’t the right point” for Uber to jump on board just yet, the CEO wrapped up the interview with an optimistic outlook.

“So we’re absolutely watching it. And if you say is Uber going to accept crypto in the future– absolutely–at some point,” he concluded. 

Uber reinvented the taxi market in the early 2010s, launching an app that conveniently connected drivers with riders, and surpassed the 100 million monthly active users mark in 2019.

Meanwhile, the San Francisco-based company, with operations in over 900 metropolitan areas worldwide, recognized its responsibility as the largest mobility platform in the world when it comes to tackling the challenge of climate change.

The company committed to becoming a fully electric, zero-emission platform by 2040, with 100% of rides taking place in zero-emission vehicles–pledging to help expedite a “clean and just energy transition.”