Bank of America Merchant Services Powering Payments for Ride-Hailing App Karhoo U.S. Launch

LAs Vegas, NV - 24 October 2016

Powered by Bank of America Merchant Services eCommerce and cybersecurity solutions, Karhoo is gearing up for the U.S. launch of its app-based ride comparison and hailing service.

Currently operating in London and several other United Kingdom cities, Karhoo helps riders compare and choose from tens of thousands of licensed and regulated cars based on proximity, price, and vehicle style. As an aggregator of local ground transportation options, the app enables price comparison, secure cashless payments, and even scheduled rides for greater peace of mind.

Karhoo’s value proposition is simple and compelling. People are now accustomed to tapping a button on their phone, ordering a ride, and paying for it in-app with their credit card. Karhoo gives riders the chance to e-hail with even more choice, bringing dozens of local transportation services and thousands of cars together on one platform.

Karhoo's proprietary technology directly connects to fleet dispatch systems and, thanks to Bank of America Merchant Services, securely facilitates payments. Regulated and established transportation providers can take advantage of the e-hail revolution and tap into a whole new rider base. In London, Karhoo-connected fleets are seeing revenue increase up to 30 percent.

“Not only does Karhoo give customers tremendous choice when it comes to ground transportation, it also provides a seamless way to pay for each trip,” said Daniel Ishag, Karhoo founder and CEO. “With its global footprint and acumen integrating its solutions with existing systems, Bank of America Merchant Services is the ideal partner to help us safely and quickly facilitate these transactions.”

For its upcoming U.S. launch, Karhoo turned to Bank of America Merchant Services for secure, seamless payments processing; cybersecurity solutions like TransArmor® Data Protection and Fraud FlexDetectâ„ ; and Card Account Updater, a service that takes the pain out of keeping customer billing information up to date.

Bank of America Merchant Services CEO Tim Tynan said: “What Karhoo achieved in its first six months operating its ride-hailing service in London – pulling in more than 33,000 cabs and now booking 7,000 trips per day – is nothing short of extraordinary. Bank of America Merchant Services is thrilled to consult with Karhoo on its U.S. launch, and we look forward to helping payments flow seamlessly and securely between Karhoo customers and transportation providers.”

Bank of America Merchant Services connects businesses and their customers by doing payments better. The company delivers payments, commerce and security solutions, as well as consultation services, to businesses throughout the United States, Canada and Europe. It processed more than 14 billion transactions at approximately 650,000 merchant locations in 2015.

The company is a joint venture that combines the technology and innovative products of First Data with the relationship strength and prominent global brand of Bank of America.

Karhoo is the ride comparison and booking app that aggregates thousands of taxi and for-hire-vehicle services. Live in the U.K. and launching in the United States in the next few months, Karhoo's vendor-neutral platform allows riders to compare ground transportation providers by price, proximity, and vehicle style. The app then lets riders book days, weeks, or months in advance or choose immediate pickup with their preferred service, giving operators access to thousands more customers. Riders can also make multiple bookings on one account, and with transparent pricing, Karhoo riders can know upfront what they will be paying.

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