Taxis Driving New Growth for UK Mobile Payments Firm

TAXI cabs and private hire vehicles are driving sales for London-based payments provider myPOS, the company has revealed.

The fintech firm provides payments solutions to SMEs that might traditionally shy away from accepting card transactions.

And myPOS has now announced 58 per cent growth in UK sales for the past 12 months – increasing the number of UK clients to around 3,000.

Fresh demand from private taxis is one of their key growth areas – with the number of taxi clients also doubling in a year.

Irfan Rasmally, Executive Director of myPOS World, explains: “We’re seeing a surge in interest in our products within the taxi and transportation industries, as we look to continue our expansion in the UK market.

“The number of taxi and private cabs using our product has increased more than 100 per cent in the last twelve months.

“Our portable payment terminals will help drivers collect their fare from the ever-growing portion of passengers who prefer not to use cash.

“If cabs are used by multiple employees, terminals can be connected to the same bank account in order to collect revenue in a fast and secure manner.

“We also know how important tipping is for taxis, and our Tipping Feature allows the customer to enter a tip amount, before it appears on the receipt from the credit card machine.”

The sales increase reported by myPOS also tallies with new industry figures.

Last month (SEPT) the Government’s Department for Transport revealed licensed taxi and private hire vehicles – and licensed drivers – in England had reached new record levels.

The total number of licensed vehicles in England has increased by 2.5% (7,200 vehicles) since 2018 to 291,800.

And that represents the highest number since comparable records were first collected in 2005, driven by an increase in Private Hire Vehicles.

Rasmally says a fifth of myPOS clients operate in the taxi or private cab sphere, and adds: “Our mission is to empower every enterprise to reap the benefits of innovation and modern technologies, solve payment challenges and grow in new and powerful ways.

“And we believe our payments systems can help the taxi and transportation industry achieve further growth in what’s increasingly becoming a cashless society.”

The firm, headquartered in The Shard, London, says low transaction fee of just 1.75%, coupled with no monthly costs, has made the device particularly popular with taxis.

Rasmally says: “We’re allowing merchants immediate access to their own money. It doesn’t need to spend hours, if not days, working its way through a traditional banking system.”

myPOS opened its first-ever retail store in London’s Knightsbridge in February last year and now has similar offerings in Amsterdam, Sofia, Milan, Barcelona, Antwerp and Paris.

Featured to: BDAILY NEWS