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UT, a South Korean mobility company, said on Thursday, Feb. 28, that it will change the name of its service platform from UT to Uber Taxi. This simple modification is impactful because the company has just transformed its taxis into Uber-powered ones.
UT’s decision to revise its name is a strategic move to boost its global reach and partnership with Tmap Mobility Co. The company is a joint venture with Uber Technology, and the latter was formed in 2021; as per Yonhap News Agency, the US-based ride-hailing brand entered the JV to enter the Korean market.
Expectations from the Rebranding
As UT rebrands its service, it hopes foreign tourists visiting South Korea can book transportation through the original Uber app. This will make it easier for them to hail taxis while in the country.
Moreover, the transformation will also benefit Korean users as they will instantly gain access to Uber services while traveling overseas. This is possible through an automatic shift to the Uber Taxi application when they need to use it.
In any case, the name of Uber Technology and Tmap Mobility’s joint venture company will not change. The former owns 51% of the JV, while the remaining 49% belongs to the latter.
New Chapter of Ride-Hailing Business for UT
BNN Breaking reported that UT’s name change to Uber Taxi is significant because it marks a new era in the global ride-hailing industry and UT itself. This also sets the stage for improved taxi service accessibility for both Korean users and foreign visitors.
Meanwhile, UT will be able to expand its services further through this change, and local users will have a smooth travel experience when they visit other countries since the Uber Taxi app will allow them to use the service wherever they are.
Photo by: Tingey Injury Law Firm/Unsplash
