A pilot, in which South African minibus taxis are equipped with a card payment system, has seen the continent taking yet another step towards becoming a cashless society.
The project is being conducted by TaxiChoice – the commercial division of the South African National Taxi Council – and aims to have as many as 100 000 taxis equipped with the system by March 2016. Over the next five years, it is set to cost in excess of ZAR2 billion.
The Fair Pay smartcard payment system will allow each cardholder up to ZAR3 000 in transactions on a monthly basis. According to a Business Tech report, just more than 200 000 taxis generate as much as ZAR90 billion annually in fares.
