PAYMENT SOLUTIONS


LYNKPAY: REVOLUTIONISING OPEN BANKING FOR THE TAXI INDUSTRY


Article by Lee Kerr CEO LynkPay www.lynkpay.co.uk


The UK taxi and private hire industry has long been underserved by traditional banking and payment solutions. Operators, drivers, and passengers have battled fragmented systems, high processing fees, slow payouts, and outdated hardware. Lynkpay has changed the landscape entirely, offering a pioneering open banking platform and driver wallet that centralises payments, banking services, and card processing — all on one secure, seamless platform.


Today, Lynkpay is redefining financial interaction within the industry,


offering faster settlements,


increased transparency, reduced costs, and cutting- edge security that matches the highest standards of UK banking technology.


A centralised ecosystem


Before Lynkpay, taxi operators had to manage multiple providers: card machine vendors, settlement processors, driver payroll systems, and separate customer invoicing platforms. Lynkpay’s open banking and wallet platform has transformed this fragmented setup into a unified ecosystem.


By bridging the gap between card processing and open banking, Lynkpay eliminates the inefficiencies that have historically plagued the industry.


Empowering drivers with the Lynkpay wallet


Lynkpay’s Driver Wallet is a game-changer, giving drivers complete control over their earnings.


Features include: l Instant access to funds: no need to wait for weekly payouts; drivers have instant access to earnings if the taxi operator has an active payout schedule.


l Integrated to: Autocabs Drivers’ App utilising one login process.


l Smart financial tools: drivers can track jobs, fares, payout remittance and savings goals, directly within the wallet, promoting financial wellness.


This empowerment means drivers are no longer 28


dependent on third-party payment providers or vulnerable to cash flow disruptions.


Enhancing passenger trust and experience


Passenger trust is crucial in the digital payment age. Lynkpay enhances the passenger experience by providing:


l Faster, smoother checkouts via app or contactless payments.


l Open banking payments offering lower fees compared to card processing - savings that operators can pass on to customers.


l Increased security and fraud prevention through bank-level authentication and encryption.


Passengers experience the convenience and


confidence of a tech-savvy platform, while operators boost loyalty and reduce disputes.


UK banking technology & security standards


Security is at the heart of everything Lynkpay builds. The platform is designed to meet and exceed UK open banking and card payment security requirements:


Key security features:


l Strong customer authentication (SCA) compliance under the Payment Services Directive 2 (PSD2), ensuring multi-factor authentication for payments.


l Open banking API Standards regulated by the Financial Conduct Authority (FCA) and Open Banking Implementation Entity (OBIE).


l End-to-end encryption for all payment data, ensuring information is secure in transit and at rest.


l PCI DSS compliance for all card transactions, guaranteeing secure handling of cardholder information.


l Fraud monitoring & prevention systems, including behavioural analytics and real-time transaction risk assessment.


l Continuous penetration testing and auditing to proactively identify and fix vulnerabilities.


By building directly on top of these standards, Lynkpay ensures that both drivers and passengers benefit from the highest levels of security and peace of mind.


MAY 2025 PHTM


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