How The Taxi Industry Has Changed
The taxi industry has been around for a long-time helping people get around when they need to go somewhere. In fact, they’ve been around as far back as you can possibly remember, taxis were perceived as customary to the upper class, even used as popular props in movies often serving as a backdrop or a mode of transportation for famous characters – some even used taxis to travel through time. Fast forward to recent years and there are many ways to hail a ride. Ride-sharing apps like Uber, Lyft, and Grab have increased competition in the taxi industry and have even been mentioned in mainstream media.
The Difference Between Taxi’s and Ride Sharing Apps
Both services follow the same simple principle – you book a ride; the driver takes you to your destination and you pay for them. However, the rest is a little less simple. Taxis have a set price system where you pay a pre-decided amount for your ride based on distance and time taken. But ride-sharing apps work differently by using flexible pricing that depends on the number of available drivers and how many other passengers need a ride at that time. This implies that you may pay more during busy times, whereas you could pay much less during quieter hours of the day.
Probably one of the most significant benefits of ride-sharing apps is the ease they provide. You can book a ride through an app on your phone and track the progress of your driver in real-time. But the biggest benefit is that fare payments are hassle-free and without cash – fare gets automatically deducted from your customer account via the app. Recently, the taxi industry has experienced a resurgence or dare I say, ‘comeback’ with the introduction of in-app and in-vehicle payments bringing it at parallel with ride-sharing apps in terms of the overall customer experience you get from booking your next ride.
According to a report by Mordor Intelligence, the global taxi market size was valued at $120.7 billion in 2020 and is expected to reach $149.4 billion by 2026, growing at a CAGR of 3.4% during the forecast period 2021-2026. The report also indicates that digital payment methods, such as in-app and in-vehicle payments, are expected to drive market growth. In-app and in-vehicle payments are becoming increasingly popular due to their convenience, speed, and security. The report also predicts that the adoption of in-app payments will continue to increase in the taxi industry in the coming years, as more passengers and drivers become familiar with the technology.
8 Ways In-App and In-Vehicle Payments Help Taxi Companies
In-app and in-vehicle payments offer several benefits for both customers and taxi companies. For customers like you and me, in-app and in-vehicle payments offer a level of convenience and peace of mind that only ride-sharing apps were only able to do. You no longer need to carry cash or worry about our card being declined. Instead, with in-app payments, you can simply link your payment method to the app and pay with a few taps. You must get to your destination quickly and efficiently, and paying for your ride should be as seamless.
For taxi companies, in-app and in-vehicle payments help expedite the payment process and reduce the amount of cash that drivers need to carry. This makes it easier for taxi companies to track payments, manage finances, and pay their drivers. One of the most significant advantages of in-app and in-vehicle payments is that it improves the overall customer satisfaction experience. But for drivers, in-app and in-vehicle payments mean faster and more efficient transactions, which translates into more rides and more revenue. With a streamlined payment process, drivers can spend less time on administrative tasks and more time on the road, picking up new passengers and making more money. This, in turn, can lead to higher revenue and profits for taxi companies. Here are the key benefits of in-app and in-vehicle payments:
- Convenience: In-app and in-vehicle payments eliminate the need for passengers to carry cash, making the payment process quick and easy.
- Security: With in-app and in-vehicle payments, transactions are processed securely, reducing the risk of cash-related fraud or theft.
- Speed: In-app and in-vehicle payments are processed instantly, allowing passengers to pay for their rides quickly and efficiently.
- Accuracy: In-app and in-vehicle payments ensure accurate fare calculations, reducing the risk of disputes or disagreements between drivers and passengers.
- Improved Driver Earnings: In-app and in-vehicle payments are received instantly into the target account, improving cash flow and overall earnings.
- Increased Efficiency: In-app and in-vehicle payments streamline the payment process, allowing drivers to focus on providing a better experience for their passengers.
- Reduced Administrative Tasks: In-app and in-vehicle payments automate the payment process, reducing the need for drivers to spend time on administrative tasks such as counting cash.
- Analytics: In-app and in-vehicle payments provide real-time reporting and analytics, allowing drivers to track their earnings and identify areas for improvement.
The good news is you don’t need a time machine to get into modern times. At DDS Wireless, we believe that technology can change the world, and the taxi industry is no exception. We collaborated with Global Payments, the world’s leading complete commerce ecosystem to offer seamless and secure in-app and in-vehicle payments available on TaxiBook IQ. Together with our cutting-edge routing and scheduling A.I. engine, we can revolutionize the way that taxis operate and make transportation more efficient and convenient for everyone but most importantly, remain competitive in the people-moving industry. TaxiBook IQ’s in-app and in-vehicle payment system is designed to be intuitive and user-friendly, with features like contactless card readers that make transactions fast, secure, and convenient. And with real-time reporting and analytics, drivers can easily track their earnings and identify areas for improvement.
Overall, in-app and in-vehicle payments are a game-changer for the taxi industry. They offer convenience, security, and improved customer satisfaction. While there are some challenges to overcome, the benefits of in-app payments make them a worthwhile investment for taxi companies in today’s people-moving industry. Don’t’ have TaxiBook yet, Book a Demo today.
About TaxiBook IQ
DDS Wireless TaxiBook IQ is a comprehensive cloud-based dispatch system that offers a range of features designed to simplify the management of taxi fleets. The platform enables taxi companies to increase efficiency, improve customer experience, and better manage their fleet. With its automated dispatch, real-time tracking, driver and vehicle management, and mobile app for drivers, TaxiBook IQ is a powerful solution for taxi companies looking to stay competitive in today’s market.