Updated: Aug 8
Card payments in the taxi industry are on the rise as customers edge nearer to a more cashless society, but what is it that still makes cash the preferred method of payment for cabbies?
There may be a few reasons why taxi drivers prefer cash payments over card payments. These include:
1. Immediate payment: Cash payments provide immediate payment to the driver without any delay or potential chargebacks, unlike card payments which may be subject to processing times and potential chargebacks.
2. Reduced fees: Cash payments do not entail any transaction fee or payment processing fee unlike card payments which may incur transaction or service fees for the driver.
3. Lack of access to card processing equipment: Some taxi drivers may not have access to credit card processing equipment or may face connectivity issues related to accepting electronic payments. In some cities card payments are not mandatory allowing drivers to choose what payment method they accept.
Taxi drivers are adapting fast to new trends in payment whether that be contactless payment or Apple Pay. Nothing will however beat an instant crisp pound note though!