Square to process NY taxis’ mobile payments through iOS devices

Trialling in next few weeks

Square is set to begin trialling mobile payments and entertainment systems for New York’s taxis in the next few weeks. The NY Taxi and Limousine Association hopes that the newly-signed deal will lower the fees taxi drivers pay on credit card transactions. Square’s pilot will run on up to 30 taxis. Meanwhile, existing mobile payments processors for the association, Verifone Media and Creative Mobile Technologies, are invited to pitch their own new systems in competition. Square already processes taxi payments for various drivers’ associations and independent drivers across the US.

Currently, these two existing providers process credit card transactions through a touchscreen interface built into each taxi, which also delivers TV content from partners ABC and NBC. Square’s system offers a specially-adapted service for taxi drivers, and will replace these TVs with iPads, while plugging iPhones into the taxi meters. Passengers then swipe credit cards on the iPad, and the driver uses the meter’s iPhone to confirm the card’s validity and success of the transaction. Square will also offer analytics, including information on traffic patterns, trip history and fare alerts for drivers, and current locations and running fee totals for passengers. Passengers can also use the iPad to access for internet for entertainment during the journey.

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