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Uber will accept crypto as a payment method at ‘some point’, says CEO

Uber CEO Dara Khosrowshahi once again stated in a recent interview that the company should start accepting Bitcoin payments “at some point”.

Uber will accept crypto as a payment method at 'some point', says CEO

The statement was given during an interview with Bloomberg Technology:

“Uber will ‘absolutely’ accept cryptocurrencies ‘at some point,’ says CEO Dara Khosrowshahi. He tells Emily Chang TV what will be needed.”

As barriers that prevent the company from immediately accepting cryptocurrencies, Khosrowshahi cited the cost of transactions, with high fees for daily payments.

He added that many cryptocurrencies are currently considered by people as a “store of value”. Therefore, this would make them irrelevant for daily payments.

In addition, he mentioned the environmental impact of mining some cryptocurrencies:

“We’re talking all the time,” Khosrowshahi said. “[But] the exchange mechanism is expensive and not good for the environment. As the exchange mechanism becomes less expensive and more eco-friendly, I think you will see us leaning a little more towards cryptocurrencies.”

Despite the aforementioned problems, the executive assured that Uber will “absolutely” accept cryptocurrencies in the future. He did not, however, provide additional details about the timeline.

It is worth noting that this is not the first time that Uber has suggested accepting Bitcoin. In February of last year, Khosrowshahi had said that the company would add Bitcoin support once there was enough demand.

However, Khosrowshahi ruled out the possibility of the company including Bitcoin on its balance sheet as Tesla did at the time:

“As we accept all types of local currency, let’s look at cryptocurrency and/or Bitcoin in terms of currency for transactions. It’s good for business, it’s good for our riders, and it’s good for our Uber Eats customers. We will certainly see that and if there is a benefit there, if there is a need, we will do it. But we are not going to do this as part of a promotion,” Khosrowshahi said in February 2021.

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