One chart shows how swiftly Uber and Lyft are killing traditional taxis
Feng Li/Getty Images
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 BofA customers and showed that while the use of taxi/limo services has spike, the amount spent on traditional car services has tanked.
"After controlling for these companies, we see a decline in credit/debit card spending on the standard taxi and limo companies, implying that the disruptors have taken market share," said BAML Us Economist Michelle Meyer in a note to clients on Wednesday.
Uber, founded in 2009, and Lyft, founded in 2012, have
Additionally, the disruption from Uber, Lyft, and other ride-hailing services have changed the method that people are using to pay for car services from cash to card.
"Moreover, it is likely that these disruptors also intensified the broader industry shift from using cash on these services to credit cards, explaining the dramatic sales growth in this category," said Meyer.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas