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Two Leading Taxi Apps Launch Universal Mobile Payment Functionality in New York City’s 20,000 Yellow and Green Taxis

9/10/2014   category: Mobile Payments

Two existing payment apps in New York City’s yellow and green taxis, RideLinQ® from Creative Mobile Technologies (CMT) and Verifone’s award-winning Way2ride®, have joined forces to introduce a new and improved passenger payment experience. Now, passengers will have the flexibility to use either app to securely and conveniently pay cab fares using their smartphones in any one of the nearly 20,000 yellow and green taxis in New York City.

Previously, the functionality of each app was limited only to taxis with one of the two payment technology systems. Passengers could only use RideLinQ® in taxis equipped with Creative Mobile Technologies’ in-vehicle payment technology while Way2ride® could only be used in taxis equipped with Verifone’s in-vehicle payment technology. With this collaboration, the functionality of both RideLinQ® and Way2ride® has become universal and each app will now work in any New York City taxi, signaling the taxi industry’s emerging commitment to embracing new technologies for a seamless and enhanced passenger experience.

“While convenience has always been synonymous with New York City’s iconic safe, comfortable and affordable taxis, it is now even more top of mind for today’s New York City taxi passengers. With this initiative, we heeded the call from our passengers by providing them with new payment tools to enhance the riding experience,” said Jason Poliner, Vice‐Chairman of Creative Mobile Technologies, LLC. “The universal functionality of both apps allows users – for the first time – total freedom to take any of the almost 20,000 taxis and Street Hail Liveries on New York City streets and know that they can pay quickly, confidently, and securely with one app.”

“We purposely built Way2ride on an open API cloud platform to allow developers to easily create apps with secure payment, messaging and other value-added services leveraging Verifone’s secure mobile commerce network,” said Amos Tamam, senior vice president of Taxi Systems for Verifone. “In many ways, this collaboration is a testament to the value of Way2ride’s open platform, which not only allows us to provide passengers with increased payment convenience, but also progress farther with our commerce enablement solutions and integration with other networks.”

RideLinQ® and Way2ride®, developed by the industry experts who brought credit card technology in taxicabs into everyday use, heralded a new era of convenience for taxi riders. Taxi passengers no longer have to fumble around for cards in a purse or pocket, can load multiple payment cards into their account for greater flexibility in payment, and can review their ride history with detailed cab and fare information right in the app, avoiding the need to keep track of paper receipts.

Drivers benefit, too, from speedy transactions that put them back on the road more efficiently, freeing up more time for additional rides each day. Both apps enhance driver safety, as well. RideLinQ® and Way2ride® each work with the existing in-vehicle equipment, minimizing driver distractions such as separate phones or driver apps.

The cross-functionality of RideLinQ® and Way2Ride is also going national. CMT and Verifone provide taxi payment solutions in thousands of taxis across the U.S. and plan to implement universal functionality for both apps in cities across the country.

About Creative Mobile Technologies, LLC (CMT):

Founded in New York City in 2005 by taxi industry leaders, Creative Mobile Technologies, LLC (CMT) provides more than 25,000 taxicabs in over 70 cities and 35 states with a variety of taxi technologies and enhancements including credit and debit card processing, media and advertising content, accessibility innovations, text messaging, interactive passengers maps, GPS, electronic trip sheets and back-office fleet management systems. CMT has more than 8,000 units in New York City alone. CMT’s unique “for the industry, by the industry” business model has empowered taxi fleets and individual taxi operators throughout the country with customized solutions born out of the company’s deep roots in the taxi industry. CMT’s FREEdom Solution integrates all of the technology including dispatching, banking, and media components that has helped to bring the American taxi industry into a new era of efficiency and innovation.

About Verifone Systems, Inc. (www.verifone.com)

Verifone Systems, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

About Verifone Taxi Systems and Way2Ride

Verifone delivers secure, cutting-edge payment and media technology to taxis around the globe, with an install base of over 35,000 taxis in the U.S. alone. In New York, Verifone’s payment technology as well as digital and traditional taxi tops are used for over 70% of cabs.

Verifone’s Way2ride® is an award-winning consumer-facing mobile app that makes the taxi experience faster and easier. Way2ride® allows consumers to pay for their taxi rides with any smartphone at any point during the ride, applying pre-set preferences such as credit card, tip, and receipt.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: the successful rollout of the Verifone Way2Ride taxi application in additional taxies in New York City, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

Source: global.verifone.com

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