Uber will accept cryptocurrencies as payment options but only if certain things are changed.
Uber CEO Dara Khosrowshahi has stated that the ride-hailing company will start accepting cryptocurrencies as payment options if they become more efficient.
Several companies are now accepting Bitcoin and several other cryptocurrencies as payment options. However, some companies complain about the massive use of energy for Bitcoin mining, citing it as a reason for not accepting the cryptocurrency.
"It's demonstrated to be a real store of value, but it has not yet demonstrated its utility in terms of efficient exchange of value. Our average trip is a $15, $20 trip. So, we need crypto to become more efficient. We're certainly looking at all choices."
He added that he doesn’t expect his decision to change any time soon. In a month from now, Khosrowshahi said he would maintain the same stance on cryptocurrencies. The CEO said Uber will accept cryptocurrencies in the future but the time isn’t right yet.
The Uber CEO said there are certain things that are currently stopping the company from entering the cryptocurrency space, including the high transaction fees that come with dealing with digital assets and their carbon footprint.
The high transaction fees of cryptocurrencies like Bitcoin and Ether has raised questions as to how the ride-hailing firm might go about accepting crypto in the future.
The company can look to accept stablecoins like USDT, BUSD and USDC as payment methods. Uber can also partner with crypto payment processors like Bitpay to accept cryptocurrencies and convert them to fiat currencies at the point of payment.
Khosrowshahi added that listing bitcoin specifically as payment would be good for its business and its customers. However, he mentioned that the ride-hailing company wasn't looking at this from a promotional point of view.