The Australian Financial Review (AFR) has released a report predicting that Cabcharge’s recent adoption of contactless technology for taxi-fare payments will put pressure on banks to offer contactless payment cards, according to Business Spectator.
The Australian taxi company will soon outfit approximately 20,000 taxi cabs, limos and water taxis with contactless payment technology, pending regulatory approval in Victoria.
AFR says Cabcharge’s move, along with MasterCard and Visa’s support of contactless payment, will create an expectation on the part of retail banks and credit unions to adopt the technology themselves.
Additionally, AFR reports that many Australian consumers prefer the convenience of tap and go payment to traditional swipe cards, and proponents of the technology claim it offers improved security for transactions.
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