Taxi services firm Cabcharge Australia is creating a payment app in order to compete with the hugely popular Uber service.
The news follows Cabcharge reporting a 16.6 per cent fall in annual statutory net profit – its second consecutive year of decline.
In an attempt to boost revenue, Cabcharge previously collaborated with US-based Taxi Services Inc. to launch an international booking app called iHail that could be used in Australia, the United States and Britain, but Australian regulators last month declined to fast-track its approval.
Managing director Andrew Skelton said Cabcharge was using savings from cost cuts to build the payment app, which would offer similar services to Uber.
“We can’t wait much longer,” Skelton said as the company reported its earnings. “We know it’s important to get payments in apps to market in the current half.”
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