B2B Payments

Uber Finally Surpasses Taxis In Business Travel

For some time, employees that use on-demand, ride-share app Uber in their personal lives have been egging their employers to allow such services for corporate travel. In a survey published in March, the Association of Corporate Travel Executives found evidence that employee efforts were succeeding. Data at the time revealed that about 20 percent of survey respondents now allow travel apps like Uber for business travel. An additional 20 percent said they were considering allowing such services.

Now, the latest data confirms Uber’s rising dominance. Data published by expense management servicer Certify on Thursday (July 16) found that Uber has officially surpassed traditional taxis as the most common form of corporate travel, with Uber rides making up 55 percent of transportation receipts on expense reports. Taxis, meanwhile, accounted for 43 percent.

According to reports, this marks the first time since Certify began analyzing this type of data that Uber has surpassed traditional taxis for corporate travel.

“It’s clear that the sharing economy is here to stay for business people,” said Certify CEO Robert Neveu in a statement. “We believe this market shift is based on both convenience and price, since these newer services are typically more cost-effective compared with traditional vendors.”

“Established travel providers will need to adapt quickly or face further market share erosion to the sharing economy,” the executive added.

The sharing economy and the on-demand mobile service industry are both boosting their presence in the B2B world, from business travel to temporary work hire.

But Uber isn’t the only emerging business travel service popping up with more frequency on expense reports, especially as the enterprise industry increases its use and adoption of sharing economy services. Rival Gett, for example, has emerged as a business travel-specific, ride-sharing app, without surge pricing as is seen with Uber.

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B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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