YOTTA KEYRING: A new circular low-cost payment device sets sights on taxi industry

Image credit: Yotta

A new innovate payment solution which is marketed as perfect for the Taxi industry is readying itself for launch in the UK.

Yotta Pay are offering cabbies a small device called the ‘Yotta Keyring’. The circular device is the world’s smallest portable payment terminal using only NFC technology, meaning no battery or WiFi is needed for use.

Customers are required to just tap their phones onto the Yotta Keyring and drivers are paid instantly, with no third parties or apps delaying the payment.

The Yotta Keyring is controllable through the Yotta Pay app, which allows drivers to generate payments onto the keyring, which customers just tap with their phones to pay. The Yotta Pay app also allows drivers to ask for tips from customers, before sending the customer an e-receipt and an e- business card automatically following the payment.

The firm also has Yotta Pay durable stickers that are available upon request which can be stuck to the taxi window or seat to show customers that drivers accept the emerging form of payment.

Crucially the service is aiming to become one of the most affordable payment solutions on the UK market. Yotta Pay fees are set between 0.19%- 0.49%.

Alexey, Founder of Yotta Pay, said: “The taxi industry is one of the industries that suffered the most during the pandemic. Our “Yotta Keyring”, the smallest portable payment terminal in the world, aims to help the industry bounce back by offering a new and easier way to take payments, whilst also saving hundreds to thousands of pounds on fees per year.

“It allows drivers to receive payments instantly, with no third party taking their cut, whilst also automatically sending customers e-receipts and e- business cards.

“With the Yotta Keyring, we aim to put the needs of the taxi industry first.”