India’s capital city said it was banning “surge pricing” by US-based taxi-hailing app Uber and its local rival Ola, highlighting the challenges the companies still face in what they see as a vast, potentially lucrative market.
Surge pricing is a computer-driven, dynamic pricing system — similar to the one used by airlines — that raises fares when demand for rides outstrips the supply of available taxis.
In India, that means cab fares may rise six to seven times higher than the base fare at peak periods. The taxi aggregating companies say the higher fares help balance demand and supply.
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