Big-four bank Standard Bank says it plans to collaborate with more taxi associations and owners to grow the national footprint of its Taxi Yam cashless payment solution.
This, after the bank rolled out the solution to 10 taxi associations in KwaZulu-Natal (KZN) earlier this month.
Comprised of a mobile app and card, Taxi Yam aims to help simplify taxi payments for commuters and drivers, says Motlatsi Mkalala, head of main markets at Standard Bank.
Furthermore, it enables commuters to budget their monthly transport funds and pay the exact amount for taxi fares without having to stop to draw cash.
To get started, a customer downloads the app and registers on it, Mkalala tells ITWeb.
At the taxi ranks, where Standard Bank is working with the various associations, agents are stationed to assist customers with the sign-up process, after which they are issued a Taxi Yam card that will be linked to the app, he explains.
The customer then loads their taxi money on the app to enable them to make payments in the taxi. Taxis are then equipped with point-of-sale (POS) machines for ease of tapping. The driver carries a phone with them that is linked to the POS machine.
“Taxi Yam is a complete mobility platform that will help taxi owners and drivers connect and interact with commuters,” says Mkalala.
“Our goal is for the app to become a reliable part of the public transport system in South Africa and improve the lives of passengers, drivers and owners.”
Statistics SA's 2020 National Household Travel Survey indicates 10.7 million individuals made use of taxis, with taxis said to account for the mostworkers’ trips using public transport.
According to Mkalala, the bank initially tested the cashless solution in KwaMashu and Umhlanga in KZN with two taxi associations from April 2021.
Once it was pleased with the results of the proof of concept, Mkalala says the bank then decided to launch the solution between 5 to 7 September in KZN.
“The taxi associations, owners and drivers from the associations we have been working with are very much aware of the solution. We also have to onboard the owner and his taxis, including the taxi drivers, for the solution to work. We go through a sign-up process to onboard the owners and their fleet of taxis onto the system.
“Our approach to growing our national footprint is to collaborate with associations and get their buy in for the Taxi Yam solution prior to rollout to commuters and drivers for in-taxi usage. This approach ensures we have support on the ground from the industry’s decision-makers.”
The bank has had a “great” response since the launch, he states. “We have seen this through the number of customers that we have onboarded and the usage of the app and the cards.
“The card and the app are not limited to being used in taxis. It is a debit card and the customers can use this card at any store, like any debit card. Even if you do not have a Taxi Yam app or card, you will still be able to use any other bank card to pay for your taxi fare.”
Taxi Yam will add different features as rollout continues. For example, it has enabled customers to sign in and register using their mobile numbers instead of an e-mail address, he indicates.
“Future plans also involve updating Taxi Yam to alert you when taxis are unavailable, provide information on road accidents, and tell you what the taxi fare is on a new route.
“The team is also working on a feature that will allow you to find and hail a taxi when you’re in a rush. And, with more information on commuters and their routes, taxi associations can start analysing data and making more informed transport decisions.”
Standard Bank’s Taxi Yam app is available both on Android and iOS.
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