How to pay for UberX in the US, UK, and Canada

Uber has announced plans to pay its drivers in their own currency.

According to an article in the New York Times, Uber is currently “operating in a hybrid currency, in which drivers earn an average of $1,500 a month, and the company collects a portion of the fare as a flat fee.”

The Times explains that this arrangement allows the company to reduce its overall costs and to be more efficient, while keeping the ride-sharing service from being “an unfair advantage for the drivers and consumers.”

The company plans to “open its own currencies for drivers to pay their own fare in, and then the currency can be used by anyone,” but the Times notes that it won’t make this change until Uber has “satisfied the U.S. Treasury and Federal Reserve.”

Uber, which is valued at more than $68 billion, has a history of using currencies as a way to avoid paying taxes, and it was fined $2.4 billion in 2016 for illegally evading US taxes by transferring some of its profits from its U.K. tax base to the company’s London tax base.

In 2017, Uber was fined more than a billion dollars for paying its London tax office $4.7 million less than it owed.