Bolt is a super-app in Europe that operates with the intention to make urban mobility safer, more sustainable, and more affordable. Today, the mobility platform has introduced an innovative approach by letting drivers to set their own prices and passengers to choose their drivers. Notably, this announcement comes after Uber increased its prices in London to attract more drivers.
First-of-its kind move
These new features introduced by Bolt is the first-of-its-kind for any ride-hailing operator in the UK. This is designed to make the Bolt platform attractive for drivers as it gives them additional control over their business. Also, the company aims to address national concerns regarding driver shortages that resulted in longer wait times, increasing prices, and increased cancellations.
With this new capability, drivers can set their own price within a range based on their preferences and market conditions. Also, they are free to follow the dynamic standard pricing strategy followed by the company. These are expected to make Bolt a better marketplace with better stability over earnings for a week and fewer cancellations.
UK-wide rollout on cards
Bolt will test these new features across many cities in the UK. Also, it is eyeing a wider rollout across the country before Christmas. Currently, an average driver with Bolt earns £20 per hour including the wait time while there are many who earn more. As of now, it has 65,000 drivers and 4 million customers in the UK across 14 cities.
Speaking about the changes, Sam Raciti, Bolt’s Regional Manager for Western Europe said: “Drivers have consistently asked us for the ability to set their own prices so they can ensure a journey is profitable enough before it’s accepted. By making these changes we hope to reduce waiting times on the Bolt app and have fewer driver cancellations so customers can get to their destination quickly and safely following increased demand in recent weeks. We have built our business around giving drivers total flexibility. These changes are part of that philosophy and will create a better functioning marketplace.”
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