Global fintech company Unlimit and the world’s fastest-growing online ride-hailing service inDrive today announced their global partnership, which will see inDrive leverage Unlimit’s proprietary payment infrastructure to strengthen its global expansion with local payments solutions in new markets, including processing payments in local currencies and via alternative payment methods. 

Unlimit is a global, award-winning all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses worldwide, with 16 offices across four continents. inDrive, which is the second most downloaded mobility app in the world, provides the mobility needs of users in over 700 cities and across 47 countries. The app has been downloaded more than 150 million times. 

Unlike its competitors, which utilise dynamic pricing based on pre-established algorithms, the cost of inDrive’s services is negotiated and agreed upon by both passengers and drivers, which requires flexible payment solutions developed to adapt to local and international markets with ease. Unlimit will provide inDrive with one of the world’s largest proprietary payment infrastructures, which supports a wide array of different payment methods, including mobile and cash payments, global and local card schemes, digital wallets, and direct transfers. This will allow inDrive to accept payments in local currencies and through alternative payment solutions 

Research by Statista shows that the revenue in the ride-hailing and taxi segment is projected to reach over £250 billion in 2023 with the number of users expected to amount to 1.45 billion by 2027. Figures from PwC show the market for embedded finance applications is projected to grow fivefold, from $54.3 billion USD (£41 billion) in 2022 to $248.4 billion USD (over £189 billion), by 2032.

Currently, Unlimit is the main payments solutions provider for inDrive in Mexico and is also supporting the company’s payment processing needs in Colombia, Jamaica, Peru, and Chile, where it is used by the drivers on the platform to refill their personal accounts. However, the two companies are looking to further expand their collaboration to other new markets later in the year. 

Commenting on the partnership, Irene Skrynova, Chief Customer Officer, at Unlimit said: “We are very excited to be partnering with inDrive, a customer-centric company that is driven to empower people and ensure prices are fair. They have chosen to partner with us because we provide world-class payment solutions that are flexible, dynamic, and adaptable to any market, whether local or international. We believe we can help them unlock the full potential of their app by making payments faster, easier, and more convenient for both passengers and drivers alike, wherever they are in the world.” 

Commenting on the partnership, Alexander Afanasov, VP, Fintech, at inDrive said: “inDrive’s partnership with Unlimit represents a powerful alliance that seamlessly combines cutting-edge technology and innovative financial services. This collaboration will specifically benefit drivers, offering them a seamless and efficient method to quickly and securely refill their accounts, ensuring uninterrupted services and enhancing their overall experience on the road. The Unlimit team has been very responsive to our diverse payment requirements. They have played an instrumental role in assisting us with designing, developing, and successfully launching complex payment scenarios across our product range spanning various geographies.”