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Bolt will allow drivers to set their own prices in an attempt to drive down waiting times and reduce cancellations.

It becomes the latest ride-sharing app to change how much it charges amid surging demand for minicabs.

Last week, rival Uber announced a 10% fare rise in London in order to address a driver shortage.

Bolt, which launched in London in 2019, said it takes between 10% and 20% commission on fares from drivers, who currently earn about £20 an hour.

Bolt currently has 65,000 drivers serving four million customers across 14 cities in the UK.

Uber collects a 25% "service fee" from drivers for each journey taken.

Earlier this year, Uber said its 70,000 UK drivers would be guaranteed a minimum wage of £8.72 an hour, holiday pay and pensions.

It comes after the Supreme Court ruled drivers must be treated as workers rather than self-employed.

Sam Raciti, Bolt's regional manager for western Europe, said: "Drivers have consistently asked us for the ability to set their own prices so they can ensure a journey is profitable enough before it's accepted.

"We have built our business around giving drivers total flexibility. These changes are part of that philosophy and will create a better functioning marketplace."