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The blog post on Uber's website announcing the new initiative says "The beauty, though, is that you still get Uber-style on-demand convenience and reliability: just push the button like before and get a car in five minutes. When we find a match, we notify you of your co-rider's first name."
And the best part seems to be that if UberPool can't find you a match, you still get a discount on your ride.
Uber is launching UberPool in beta immediately, and will expand its beta on August 15.