Cabcharge reaches milestone with mobile commerce system
Mobile commerce is generating a great deal of hype and, in some sectors, may begin replacing cash transactions. Cabcharge, an Australian company that develops payment technologies for taxis, believes that physical currency will be a thing of the past because of mobile commerce. In 2008, the company signed a deal with VeriFone, an international producer and developer of electronic payment systems. This deal brought 20,000 electronic payment terminals to Australia. Cabcharge has announced that it has reached a significant milestone in the use of these terminals.
More than 2 million electronic transactions processed
According to the company, more than 2 million electronic transactions have been made through these terminals. A significant portion of these transactions, especially in the last two years, came from mobile devices. Cabcharge notes that the mobile commerce systems from MasterCard and Visa have, thus far, accrued over 500,000 transactions since the beginning of the year. Approximately 20% of all the transactions processed by Cabcharge made through MasterCard and Visa have come from mobile commerce systems.
Cabcharge to make use of new mobile commerce system that incorporates NFC technology
Cabcharge has plans to boost its use of NFC technology and the company has recently launched the first production run of the Fareway Plus system. This system incorporates NFC technology to facilitate mobile transactions from mobile devices, such as smart phones or tablets. With the new system in place, consumers with NFC-enabled mobile devices can use their devices to pay for their taxi fare.
Mobile commerce continues to gain ground in Australia
Australia is currently home to several mobile commerce projects, all of which seek to determine the viability of NFC technology and contactless electronic payments. MasterCard will be part of a mobile commerce trial project that will make use of the company’s virtual debit card technology. The project will focus on the Android platform and may give MasterCard and others a better understanding of how to incorporate mobile commerce systems into the operating system and make them appealing to consumers.
Filed under: Featured News, International, Mobile Commerce, Mobile Payments, Near Field Communications, Technology News, Trends · Tags: australia, cabcharge, fareway plus, Mastercard, mobile commerce, mobile commerce news, mobile commerce trends, mobile payments for taxis, nfc technology, taxi mobile payment system, VeriFone, Visa