Uber to start accepting stablecoins for payment

[The Cryptovator]

Uber has a popularity worldwide; if they accept cryptocurrency, then it would be a massive adoption. I am not sure if the news is really true; I heard for the first time that Uber wants to accept cryptocurrency. Though they primarily want to implement stablecoins,still it's crypto. But I think there would be regulatory issues. Many countries don't allow cryptocurrency, so it won't be implemented globally. Uber has to comply with the local rules. So likely we won't use this facility for crypto payments to Uber.

Bitcoin network is quite slow and has limited scalability. How can it become a global payment method when traditional payment systems and altcoins are doing it better than it?

It seems you are discouraging the use of Bitcoin payment. Everyone knows about the Bitcoin network. But still Bitcoin has been using a global payment. Even with slow payment, Uber would use a deposit system. It isn't necessary to make payment from your wallet directly. If Uber, Inc., wants to add Bitcoin payment, then they have to add a wallet. The developer would find a solution about it; it just needs a good initiative at all.

[gunhell16]

If finally implemented and they mandate all their drivers to put their payment QR code on display in their cars, it will be very much easier for crypto users to easily scan the code and make fast payment. I remember a day I did bank transfer to one of the Uber driver in my country, he had delay in receiving credit alert, so her thoughts it's a network problem and that they might reverse the money back to me, so we had to exchange contacts in case they reversed the money but it was not reversed, he later got the credited. So, this new development would help.

Here in our country it is not called UBER but GRAB taxi, then it has apps for customers and for drivers. In addition to this, it also has GRAB Pay wallet apps which are like e-wallets that can be used to pay for billings, shopping and others.

Now, it seems that recently it has had Grab pay wallet in the features that were added where it can be seen that cryptocurrency is now included in cash-in here's the link https://bitpinas.com/learn-how-to-guides/pdax-gcrypto-cash-in/

[milewilda]

If finally implemented and they mandate all their drivers to put their payment QR code on display in their cars, it will be very much easier for crypto users to easily scan the code and make fast payment. I remember a day I did bank transfer to one of the Uber driver in my country, he had delay in receiving credit alert, so her thoughts it's a network problem and that they might reverse the money back to me, so we had to exchange contacts in case they reversed the money but it was not reversed, he later got the credited. So, this new development would help.

Here in our country it is not called UBER but GRAB taxi, then it has apps for customers and for drivers. In addition to this, it also has GRAB Pay wallet apps which are like e-wallets that can be used to pay for billings, shopping and others.

Now, it seems that recently it has had Grab pay wallet in the features that were added where it can be seen that cryptocurrency is now included in cash-in here's the link https://bitpinas.com/learn-how-to-guides/pdax-gcrypto-cash-in/

Anything that do talks about recognition or these kind of adoption in terms of payment system or option then it would be always that a good news because with these then we do have tons of options that we can make use on but just like been said that instead of making use of your precious crypto coins then majority of these crypto holders will definitely be that making use of their own fiat rather than on spending up their coins into something that it could be having that potential that it would be increasing its price or value in the future. There are just that those times that out of curiosity then you would be testing out but its not something that you would be continuing on doing so just because it would be just that such a waste if you do actively be making out those spending with your crypto, but in overall having these options is always been that best because there are times that you might be ending up on having no fiat then having these options could be that a lifesaver and thats why we can be able to say that it would be that toally useless.

[Cookdata]

If finally implemented and they mandate all their drivers to put their payment QR code on display in their cars, it will be very much easier for crypto users to easily scan the code and make fast payment. I remember a day I did bank transfer to one of the Uber driver in my country, he had delay in receiving credit alert, so her thoughts it's a network problem and that they might reverse the money back to me, so we had to exchange contacts in case they reversed the money but it was not reversed, he later got the credited. So, this new development would help.

Perhaps that was long time ago, most Uber drivers don't accept payments from commercial apps, they now make use of lightening Network payments such as the dedicated micro finance bank apps, their payment mode is very fast that you get your payment instantly between seconds. I don't know what the impact of usdt is going to be on Uber but I know for sure that government is going to eat good form stable coins, the government I know are very greedy when it's come to crypto payment.

I hope we don't see the other side of tether tomorrow restricting Ubers wallet address for their shenanigans, they are known for blocking wallet addresses and blacklisting payments that routes through some addresses. It is going to be a big problem if Tether all of sudden block people from having access to their wallets because anyone can send payment from a blacklisted wallet address and the receiver might not even know the payment is coming from a blacklisted addresses, there is going to be some challenges.

[Abiky]

We should be realistic and accept the fact that bitcoin is more suitable as a store of value, investment than a payment method. It is really not suitable to be a currency/payment method even though that was its original purpose.

Bitcoin network is quite slow and has limited scalability. How can it become a global payment method when traditional payment systems and altcoins are doing it better than it?


Let's face it, bitcoin is a store of value, not suitable as a mass payment method.

True. But Bitcoin can already scale to millions of users worldwide with the use of L2 networks and sidechains. Besides the Lightning Network, protocols such as Stacks and RootStock (RSK) allow Bitcoin to gain smart contract functionality while keeping fees (and wait times) at the minimum. The possibilities are endless. It's just that mainstream companies don't want to use Bitcoin as cash. Mainstream media has spread propaganda about Bitcoin being the next "Digital Gold" (Gold's successor), leading companies to look for other alternatives.

Stablecoins, although centralized, provide companies with the flexibility they need when it comes to market price stability and cheaper fees. Especially stablecoins launched on highly-scalable blockchains such as Solana and Binance Smart Chain. Besides Uber, I'd expect companies such as DoorDash, GrubHub, and even Amazon to adopt stablecoins in the near future. Indirectly, this is good for Bitcoin because it helps boost mainstream adoption for crypto and Blockchain as a whole. People who use stablecoins for mainstream payments will eventually discover Bitcoin out of curiosity. Who knows? Maybe VISA and Mastercard will stop issuing credit/debit cards in favor of a new stablecoin system. One can only imagine.

[M47AK16]

Not a bad idea at all. They are doing a good job getting into crypto, they just need to make sure that they are doing a quick one. Plus, stablecoins are risky, so do not forget to add bitcoin too, I never used uber, so I do not know if they have bitcoin or ever had bitcoin, but if not, then they should definitely have it. I get that it's not going to be easy to handle all of this, but with the way we are moving further, I believe many companies will start to accept crypto.

And the ones who are volatile, will be able to actually use stablecoins, so they do not have to worry about volatility neither. That ain't easy, but it can be done and I am sure that we will see plenty of companies in the future who will do the exact same thing.

[eightdots]

Not a bad idea at all. They are doing a good job getting into crypto, they just need to make sure that they are doing a quick one. Plus, stablecoins are risky, so do not forget to add bitcoin too, I never used uber, so I do not know if they have bitcoin or ever had bitcoin, but if not, then they should definitely have it. I get that it's not going to be easy to handle all of this, but with the way we are moving further, I believe many companies will start to accept crypto.

And the ones who are volatile, will be able to actually use stablecoins, so they do not have to worry about volatility neither. That ain't easy, but it can be done and I am sure that we will see plenty of companies in the future who will do the exact same thing.

The agreements cryptocurrencies make with applications used by a wide range of people contribute to the wider use of crypto. This could positively impact how other companies view cryptocurrencies. Positive developments in the crypto market allow the market to survive longer and reach a wider audience.

Time is working in crypto's favor, and more and more users are learning about and investing in crypto every day. The widespread use of crypto in everyday life contributes to its acceptance.

[Accardo]

Time is working in crypto's favor, and more and more users are learning about and investing in crypto every day. The widespread use of crypto in everyday life contributes to its acceptance.

Accha, that's good, the collective effort in the industry paid off, for a resilient community that was treated very badly in the last 4 years, nothing is stopping the growth that awaits this technology. Moreover, The CEO is supportive of Trump's bills and would prefer to lead the taxi market on this good development. Adding stable coin to Uber's payment system will signal to other competitors what may be a good idea. The US is officially the Crypto Capital of the World, business will be good.