Ridesharing

How Uber Will Ring In The New Year

Let the surge pricing games begin!

It’s the most wonderful time of the year — for Uber. New Year’s Eve has been busiest night of the year for Uber. Pretty much the entire world is in need of a designated driver or a quick trip over to their next social engagement at some point in the night. And the ridesharing company is anticipating that the dawn of 2017 will be no exception.

Uber expects to dish out 300 percent more rides on New Year’s Eve than it did last year. The company is estimating it will see a total of 15 million rides on New Year’s Eve in the 450 cities it currently operates in worldwide. To put that in perspective, Uber said back in October that the company has about 40 million active monthly riders. Monthly. Uber expects to see nearly 38 percent of its monthly ride volume in one night.

Combine that number of rides with the cost of an average ride going way, way up thanks to the company’s use of surge pricing, and the result is … at least a couple of boatloads of cash.

For Uber’s drivers, the new year also means a much bigger chunk of change if they can stay awake and stand the crowds. But what makes this year different than previous new years is that Uber now displays upfront pricing.

This time around, no one should be that surprised to see their Uber bill over $100 for happening to snag a ride between midnight and 3 a.m. in their respective time zone. One would assume that fewer people would accept the charge to begin with. Then again, since the world will pretty much be collectively buzzed on goodwill towards man (among other things), lowered inhibition might help push more rides Uber’s way, even with the heftier price tag.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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