Seeking Solution to Enable Cashless Transactions for All Types of Taxi Trips

Problem Statement

Payment modes accepted for taxi rides (street hail, bookings and corporate jobs) are cash, credit cards, EZ-Link, NETS, etc. Cash payments are usually preferred by the driver and is still the most common today (95% of the time). Cashless transactions, which rely on the payment terminal onboard are seldom used and cashless transaction is sometime not possible due to terminal connectivity issues or breakdowns. In order to encourage the adoption of cashless payment, we wish to deploy a more reliable and user-friendly cashless payment solution.

Requirements

We are looking for a solution that is suitable to be used onboard a vehicle guided by the followings: 

  • In the case where the solution still requires hardware, it should not compromise the space and the battery power consumption of the vehicle. The hardware must also be highly reliable and easy to maintain and upgrade
  • The payment solution should be capable of supporting existing payment methods and preferably be easily upgraded to support new payment services as they come
  • Preferably, some form of onboarding process to attract commuters to adopt the new payment solution should be proposed
      

Desired Outcomes

To offer both passengers as well as drivers a new hassle-free cashless payment mode which saves their time and becomes a selling point to attract ridership.

Associated Innovation Call