Mastercard and HKTaxi Partner to Offer In-App Digital Payment for Taxi Rides
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Mastercard announced its partnership with HKTaxi, a local taxi-hailing app, to roll out in-app digital payments that will provide a safe, secure and cash-free way to pay for taxi rides in Hong Kong.
Backed by Mastercard’s global payments processing network and multi-layered security, the new service will specifically cater to Hong Kong taxi users’ needs for a fast and secure cashless payment experience. The HKTaxi in-app credit card payment service helps users avoid common cash payment situations such as fumbling around for loose change, worrying about not having enough cash for a taxi ride when they desperately want to go home after a long work night, or dealing with taxi drivers’ reactions when they see HK$500 bank notes. It offers peace of mind for passengers from the minute they book their rides through the app to the moment they arrive at their destination as they go without the hassle of handling coins or bank notes.
Taxi drivers too often experience inconvenience in having to prepare change for large bills, and face potential safety concerns such as carrying too much cash or receiving counterfeit banknotes. The new in-app payment feature allows taxi drivers to skip the wait for cash transactions, enhance their service and strengthen their business by giving more options to their customers.
The demand for further developments in digital payment across all aspects of everyday life in Hong Kong has grown significantly in recent years. According to the 2017 Mastercard Online Shopping Survey, the use of mobile phones for payment continues to rise in Hong Kong, with 44.3 percent of respondents having used their mobile phones for transactions last year. Regarding their motivation in choosing to use mobile payment options, convenience (54.6 percent) is reported to be the key driver, followed by the growing prevalence of apps (41.8 percent).
“Mastercard is proud to be working with HKTaxi in supporting the development of a cashless society in Hong Kong,”
The research also finds that well over three-quarters (79.8 percent) of respondents regard security of the payment facility as the top consideration when shopping online. With Mastercard’s deep knowledge of local spending habits in Hong Kong and a reliable global payments network, the technology company provides users with multiple layers of security from account authentication and data protection to purchase authorization. That is why every transaction through the new in-app payment service with HKTaxi is securely protected.
“Mastercard is proud to be working with HKTaxi in supporting the development of a cashless society in Hong Kong,” said Helena Chen, managing director, Hong Kong and Macau, Mastercard. “Mastercard is leading the transition to digital payments with the convergence of innovation and digital lifestyle. In continuing Mastercard’s efforts – along with the Hong Kong government, merchants and industry players – to improve the lives of the city’s residents and visitors, we believe that the simple, secure and smart in-app payment service Mastercard provides to Hong Kong people through HKTaxi is a significant step forward.”
“HKTaxi is created by, designed for and used by Hong Kong people, and we understand the needs and demands of both taxi riders and drivers in the city. Through HKTaxi, which is the first and the most popular taxi-hailing app in Hong Kong, we are making taxis more accessible to users. We are also happy to partner with Mastercard in giving both taxi drivers and riders a hassle-free alternative to cash payments, making their taxi journeys seamless and convenient,” said Kay Lui, co-founder, HKTaxi.
Questions & Answers
Q.What specific problems does the new in-app payment service aim to solve for taxi passengers?
What specific problems does the new in-app payment service aim to solve for taxi passengers?
The service helps passengers avoid issues like fumbling for loose change or worrying about not having enough cash for a fare. It also prevents dealing with drivers' reactions to large banknotes, offering peace of mind from booking to arrival.
Q.How will the new digital payment system benefit taxi drivers?
How will the new digital payment system benefit taxi drivers?
Drivers will no longer need to prepare change for large bills, which saves time. It also addresses safety concerns by reducing the amount of cash they carry and the risk of receiving counterfeit banknotes.
Q.What are the main reasons Hong Kong residents choose to use mobile payment options?
What are the main reasons Hong Kong residents choose to use mobile payment options?
Convenience is the primary driver, cited by 54.6 percent of respondents. The growing prevalence of apps is another significant motivation, reported by 41.8 percent of users.
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