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PAYMENT SYSTEM SOLUTIONS WHY A CASH-FREE FUTURE MIGHT NOT BE AS CLOSE AS YOU THINK!


Millions of people in the developed world already live in a de facto cashless society. From the smartwatch on your wrist to the contactless card in your wallet, being able to pay for small, every- day items without recourse to cash is fast, easy, and increasingly ubiquitous. The cashless society is not a particularly new idea. It has generally been held up as an example of the positive march of progress, with some of the most influential names in global economics pointing out its potential benefits. But there may also be downsides, and one UK study has warned that “sleep-walking” into becoming a cashless society could leave millions of people financially disen- franchised. Among the many advantages of the move to a cashless society, security is perhaps one of the most obvious. Cash is convenient but it’s also vulnerable to loss and theft. From crimes against the person (muggings, robberies and so on) to break-ins and burglar- ies, cash can attract a lot of unwanted attention. And for the most part, when it’s gone it’s gone.


Why do taxis still make us pay in cash?


I think we’ve all been there. You have just pre-booked a private hire taxi or finally managed to grab a taxi somewhere outside some bar or restaurant on a Saturday night. Once you get in you realise that you’re out of cash and moreover, as usual, this taxi doesn’t take cards. So instead of getting home quickly, your taxi driver takes a detour to get you past an ATM on the way. You easily end up trying out a few cash points, because the first one was out of money and the second had technical problems. What was supposed to be a 10 minute journey home has turned into a 20-minute tour of town.


Current Options of Payment Solutions for Fleets:


l Over the telephone lWebsite payments l Consumer/Passenger App l In car Chip and PIN l Payment Links l Integrated and non-integrated solutions l Cash Kiosk for Driver settles


Conclusion:


How is this reflected in the UK Taxi Transportation vertical:


The perception from taxi operators is often, “We have large amounts of digital payments going through” …Account work / App Work / Text bookings!! In fact, account work is actual contracted work with a signed contract which would be invoiced weekly or monthly. e.g. school contracts / hotel contracts / airport contracts. App work can be split into two possible payment methods, App cash or App card. If operators actually look at their current cash work and add the App cash work, they might find these figures show a 3-1 cash vs card split.


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Will the replacement of cash to Digital Payments increases daily in many market verticals? The Transportation taxi sector will certainly adapt at its own pace like all other technology gains in the sector over the last 10 years. Understanding the vast amounts of resources in the way that dig- ital payments can make cash networks and the people that use and/or live in these cash-dependent societies more efficient in its handling? Why not give Operators/Drivers and customers the resources to make the cash they use and know how to use, become easier to manage and by educating the organic switching to digital pay- ments, within the many platforms this will hopefully permit rapid growth for this technology offering.


Article supplied by Lee Kerr of LynkPay Tel: 0330 0 101 842 www.lynkpay.co.uk


SEPTEMBER 2020


Cash and digital payments in the new economy: The cost of digital transactions should be far less than the cost of cash for merchants due to the arduous, manual nature of cash handling and the economies of scale that digital payments can achieve. However, due to the high barriers to entry and the high cost of change in the payments industry, this is not always the case. New FinTech solution providers within the taxi vertical offer a lower entry to consumer journey payments without the high cost for equip- ment. Market changes in payment flows allow customers to control pay- ments and also lower fraud risk for the operator and thereby not getting high card charge backs or fraudulent activity for the customer with stolen card details.


Payments via smartphone when paying for taxis or tickets for public transport during the past 12 months


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