Lyft and JPMorgan team up to offer credit card ride-hailing rewards

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Lyft and JPMorgan team up to offer credit card ride-hailing rewards

San Francisco, CA-based smaller rival of ride-sharing pioneer Uber Technologies, Lyft Inc. said on Wednesday, the 8th of January 2020, that it had partnered up with the leading US lender JPMorgan Chase & Co. as a part of its broad-based move to proffer extended rewards to JPMorgan Chase clients who would be paying off for Lyft rides using their credit cards.

Aside from that, the San Francisco-based ride-sharing company had also added in its Wednesday’s (January 8th) statement that the company had teamed up with the New York City-based largest lender in the United States to retain existing clients and to attract more high-value riders who often use Lyft Inc.’s services.

In point of fact, latest announcement of Lyft Inc. came forth about three months after the said in a statement that he had been planning to extend its tie-up with financial entities and corporations in a bid to incentivize its business travellers who use its services on a more frequent basis.

More importantly, despite a slew of vociferous voices resounding in favour of the loss-making ride-sharing service providers, Uber Technologies and its smaller rival Lyft Inc., both of the companies had still been working out a way to turn their operations in to a profitability and to convince their investors about a decipherable path towards scoring a sizable amount in operating profit, as Lyft Inc. shares’ shed more than a third of its market valuation since it went public earlier in the year.