Smartpay Holdings (ASX:SMP, NZE:SPY) has launched its new taxi payments company with Cabit Taxicabs Pty Ltd, one of Victoria’s largest taxi companies, signing up as its first major customer.
The company has also secured contractual relationships with two New South Wales taxi operators, which together with Cabit Taxicabs represent an initial terminal base of 700 taxis.
Smartpay Taxis will target increasing opportunities in the Australian taxi payments industry driven by recent regulatory changes.
It leverages the scale of the company’s existing retail payments business together with its “Taxipos” taxi payments technology.
Cabit Taxicabs was formed earlier this year when a number of taxi owners combined their fleets to achieve efficiencies in the face of the regulatory changes in Victoria.
Taxipos has recently gained Australian bank certification and includes real-time transaction reporting across individual drivers, cars and fleets enabling quicker and more accurate driver payment and overall fleet management.
It integrates seamlessly with Smartpay’s recently launched smartphone taxi booking app.
This is the same technology provided by Smartpay in New Zealand where it is the leading taxi payments technology provider to the majority of New Zealand taxis.
There is scope to grow its tax business as the effects of the new legislation require the industry to seek out new payments partners able to support their businesses through these changes.
Victoria had earlier this year halved the flat 10% fee for electronic payments. It was followed by New South Wales this month.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.