Octopus has no plans to charge taxi drivers for its service, as a new regulation requiring all taxis to accept at least two forms of electronic payment is set to take effect next month.
Starting in April, all taxis must be equipped to handle at least one QR code-based payment method, such as Alipay or WeChat Pay, and at least one non-QR code method, including Octopus or a credit card.
In light of the new rule, Octopus chief executive officer Tim Ying Tien-chi emphasized that providing the electronic payment collection service to taxi drivers for free is a long-standing policy.
The company stated that more than 40,000 drivers have already registered for the business version of the Octopus App or are equipped with an Octopus mobile payment machine.
This marks a year-on-year increase of nearly 40 percent and has driven a corresponding 65 percent year-on-year rise in the value of electronic payment transactions.
Meanwhile, in preparation for the new regulation, the taxi industry has begun placing stickers on vehicle windows to indicate the available electronic payment options.
Industry representatives have also expressed hopes that authorities will exercise discretionary enforcement during the initial phase of the law's implementation.
