Uber, Lyft Killing Traditional Taxis

Posted on October 12, 2016

You've probably heard it before: Uber and Lyft are killing old-school taxis. While it may be a tired trend to talk about, it is also true, according to data from Bank of America Merrill Lynch.

This trend was put in stark relief in one chart from BAML's monthly review of customer card usage. The bank looks at retail and credit card spending for all Bank of America customers and showed that while the total use of taxi/limo services has spiked, the amount spent on traditional car services has tanked.

Business Insider article here

Related Topics: industry trends, Lyft, research and trends, taxis, TNCs, Uber

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