Lyft users will be able to make payments and share fares using Venmo, a PayPal payment service, the ride-hailing company said. Venmo will then be a new option in addition to payment methods such as PayPal, credit cards, debit cards and Lyft Cash.
Lyft users can pay their rates with Venmo by simply authorizing them in the Lyft app. Lyft said the Venmo payment option will go online this month. Uber, a rival of Lyft, launched Venmo Pay as early as 2018. Venmo created a financially-based social network where users could share various money transfer transactions.
In the coming weeks, Lyft passengers in the United States will be able to pay their fares with Venmo. At least if you feel safe enough to travel together again, it will be easier for you to share the cost of your trip with your friends and family. You can also use Venmo to pay for bike rides and scooter rides. At the end of the trip, the user can open the Venmo app, select Lyft from the payment options, and Venmo then lets the user select other users who share the plan with them. Lyft previously had an in-app fare sharing feature, but it’s no longer available.
It is worth mentioning that during the coVID-19 epidemic, the ride-hailing market suffered. In August this year, Lyft released its financial results for the second quarter of fiscal 2020. According to the data, Lyft’s revenue reached 339.3 million US dollars in the second quarter, down 61% compared with 867.3 million US dollars in the same period of last year. The net loss was $437.1 million, narrower than the $644.2 million net loss for the same period last year.
Despite the losses caused by coVID-19, emerging mobile travel services are attracting more and more investment capital, and even as these disruptive services face increasing regulation, their tendency to become the mainstream means of travel in the future is unstoppable.