“We’ll probably be the last generation to use the term credit card and debit card…It will probably be debit access or credit access, and it will likely be loaded on to a mobile device.”
John Stumpf, CEO of Wells Fargo at Goldman Sachs Financial Conference, Dec 8, 2015
A recent Quartz (qz.com) article identified that up to 30% of Uber drivers in the US have never had a bank account — many operated previously as taxi drivers in the cash economy. To be a driver on Uber, however, they need a minimum of a debit card to get paid. So Uber has had to solve this problem by allowing drivers to sign up for a bank account as part of the Uber driver application process, in real-time. Unsurprisingly, this makes Uber the largest acquirer of small business bank accounts in the United States today, bigger than Wells, BofA and Chase combined.