With the new regulation coming into effect on April 1 stipulating that taxis must provide cashless electronic payment options for passengers to pay their fares, including at least one QR code-based and one non-QR code-based electronic payment method, Octopus Cards Limited has stepped up its efforts to drive digital transformation in the taxi industry, enabling locals and visitors to pay taxi fares with ease, offering greater convenience to both passengers and drivers, and enhancing the overall travel experience.
According to Octopus, more than 40,000 drivers have registered for the “Octopus App for Business” or adopted the Octopus Mobile POS, reflecting a rapid year-on-year growth of nearly 40%. The total transaction value of taxi e-payments processed via these tools has also surged by almost 65% over the same period.
The “Octopus App for Business”, together with the Bluetooth-enabled Octopus Mobile POS, is a versatile one-device-serves-all solution that accepts multiple payment methods – Octopus cards, Mobile Octopus and various QR code payments.
Application is easy and fast. Taxi drivers can simply download the “Octopus App for Business” and complete their application anytime, anywhere, with the entire process taking approximately 15 minutes. Required documents include Hong Kong Identity Card, Taxi Driver Identity Plate, and proof of bank account, such as bank passbook or ATM card.
In addition, taxi drivers enjoy zero setup cost. After opening an account, they will receive a complimentary Octopus Mobile POS, allowing them to start collecting electronic payments without any upfront and installation cost.
Finally, taxi drivers can choose to transfer their collected fares to their Octopus card for free, or use FPS to enjoy the convenience of Octopus payments at zero cost, thanks to waived bank account fund transfer handling fee by Octopus since the launch of the “Octopus App for Business” in 2018.
Committed to driving the digital transformation of the taxi industry, Octopus has been collaborating closely with the sector over the years to understand the needs of both drivers and passengers, and actively promote the wider use of electronic payments.
“We have been offering a zero-cost payment solution for taxi drivers with currently no plans for adjustment, so they can adopt electronic payments with confidence and enjoy the convenience brought by technology,” said Tim Ying, Chief Executive Officer of Octopus.
“Octopus remains a trusted partner in supporting the taxi service in becoming more convenient, efficient and modern," Ying added.
