Taxi passengers are promised greater convenience when it comes to paying following the launch of e-payment platform Taxi Pay, which allows riders to choose from 18 electronic tools to settle their fare on more than 1,500 cabs.

Approved by the Transport Department, Taxi Pay is the city's first smart taxi meter, and is planned to be installed in 8,000 cabs by December with over 15,000 drivers registered on the platform.

To make a payment, passengers can either scan the QR code inside the taxi or tap their cards on the payment terminal. The fares are linked to the smart taximeter.

Jason Ngan Lam-yan, founder of Wonder, a subsidiary of Bindo Labs specializing in payments gateway and fintech platforms, said Taxi Pay offers an all-in-one solution.

"This means passengers can make and receive payment while accessing taxi-hailing services on the same platform," Ngan said.

He said the system uses "T+0" technology supported by debt investor Acron and enables instant settlement for taxi drivers. The drivers can then use the digital payments like cash without the need to wait for the transactions to be settled.

According to the company, passengers paying with UnionPay on Taxi Pay will enjoy a 10 percent discount off their fare and do not have to pay the handling fee for the first two months.

While Alipay users will need to pay a handling fee of 3.5 percent, JCB, Visa, MasterCard, WeChat Pay, Discover, Diners, and Faster Payment System users will have the handling fee waived until June 30.

Ngan said the fee waiver may be extended to the end of this year.

In addition to the payment system, Taxi Pay can be used together with the Driver Assistant app in support of a government policy to encourage the formation of taxi fleets.

The app can combine orders from different e-hailing platforms of Heycars, WeChat Pay and Alipay mini-program operators.

"With the Driver Assistant app, taxi drivers can optimize their earnings and provide a better user experience to passengers, which contributes to the overall improvement of the taxi industry," the company said.

Drivers will need to scan their face and identification documents to complete the registration process in less than seven minutes.

The app uses GPS to locate and match drivers with nearby orders, allowing them to make the choice. The company said this would minimizes empty trips, reduce wait times and provides drivers with more control over their workload.

Wonder, the company behind Taxi Pay, is also developing e-hailing platform JEK.

From May or June, passengers will be able to download the JEK app to connect with available taxis in real-time.

The company said that in order to promote digital payment and improve the overall taxi experience, Wonder is offering to install for free smart taximeters and smart payment terminals on the first 2,000 taxis in the primary stage.

"Through these initiatives, Taxi Pay aims to revolutionize the taxi industry in Hong Kong by providing a seamless and efficient payment experience for passengers and empowering drivers with better control over their earnings and workload," Ngan said.

adelyn.lau@singtaonewscorp.com

Jason Ngan, founder of Wonder, the company behind Taxi Pay, says the platform also enables drivers to receive payment immediately.

Smart taxi meter helps bring convenience to passengers