Thursday, October 18, 2012
Mobile payment technology provider Square Inc. recently notified the New York Taxi & Limousine Commission it is terminating its pilot mobile payment program in New York City taxis.
In March 2012, the commission approved Square's application through the city's Taxicab Passenger Enhancements Program (TPEP) to test its taxi payment alternative. Square said it elected to discontinue the pilot, which involved approximately 15 vehicles, "in light of developments in prospective taxicab regulations in New York and other markets, and based on what we have learned from conducting the pilot program to date."
The company added that it wants "to pursue a different hardware and software solution" for its TPEP offering. "It would be commercially unreasonable for Square to pursue a new hardware and software solution for a future TPEP offering while at the same time continue to support the software solution and hardware solution we rolled out in the pilot program," Square stated.
The company also affirmed that taxi owners and drivers participating in the pilot program will be reimbursed by Square for all fees and costs incurred as part of the program. Square intends to remove its in-taxi technology and install new TPEP systems by Oct. 26.
VeriFone Inc. and Creative Mobile Technologies LLC are the primary providers of in-cab electronic payment solutions in New York City taxis.
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