Didi Chuxing (DiDi) is one of the world’s leading ride-sharing companies, serving more than 550 million users across over 400 cities in China and facilitating 7.5 billion rides per year. Through its mobile app, DiDi offers services including taxi hailing, private car hailing, Hitch (social ride-sharing), DiDi Chauffeur, DiDi Bus and Enterprise Solution.
DiDi has been on an ambitious expansion drive as the ride-sharing market continues to boom in China and across the globe. As the Beijing-based firm looked to capture new demographic groups such as short-stay foreigners, business travelers and tourists, DiDi embarked on a mission to overhaul the payment structure of its mobile app by including international credit cards as a form of payment, in addition to existing local methods such as WeChat Pay and Alipay.
The ride-sharing firm outsourced its credit card payment collection process to a third-party payment service provider that upgraded DiDi’s app with an English-language interface as well as the ability to accept payments by international credit cards. While the upgrade made DiDi’s services available to a wider customer base, it also added complexity to the firm’s account structure. To address that, it needed:
DiDi appointed J.P. Morgan as one of its core cash banking providers to deliver an end-to-end solution within just six weeks. The solution included:
J.P. Morgan provided an innovative solution that helped extend our reach to a wider client base, enabling us to grow and thrive. J.P. Morgan Host-to-Host simplified our payment process flow, while the automated funding and currency conversion solutions eliminated manual and time-consuming processes, ensuring we had the right amount of cash exactly when and where we needed it.
In February 2017, DiDi successfully launched an English-language version of its mobile app in selected cities in China, with the capability to accept payments via major international credit cards. The app will gradually be made available in 400-plus cities in China, and in doing so, service over one million foreigners working and living in China and over 28 million visiting tourists annually.
From an internal perspective, DiDi has seen significant benefits from the roll-out of the new treasury structure which include:
DiDi is an overall winner of the Treasury Today 2017 Adam Smith Awards Asia in the category for One to Watch.
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