Alternative Payment Solution
This year’s Customer Choice for Best Alternative Payment Solution is VeriFone. The company debuted Way2ride—its consumer-facing, cloud-based app that enables taxicab passengers to efficiently pay their fares via smartphone—in New York City taxi fleets in October 2013. Since its debut, Way2ride has processed more than 50,000 mobile transactions (more than $4 million in fares and gratuities).
With Way2ride, riders can pre-load payment information and preferred tip amounts to their smartphones; digital receipts are automatically emailed to the passenger and stored in the app. Additionally, receipts are available at Way2ride.com—a convenient organizational feature for business associates expensing their rides.
But, the company says, riders aren’t the only ones benefiting from the solution: from a driver’s standpoint, faster and more convenient payments not only means increased customer satisfaction, but the ability to have more fares. Additionally, VeriFone’s integrated PCI-compliant solution shifts the burden of payment compliance and payment security away from drivers and fleet owners. And, for drivers who want to maximize their use of Way2ride, Verifone offers advertiser-paid media, which streams through the digital screen on Way2ride terminals facing passengers during the ride.
VeriFone’s mobile commerce network is further leveraged by the open API cloud platform Way2Ride is built on, which enables developers to more easily create apps with secure payment, messaging and other value-added services.
Among other significant features of Way2ride is its use of the Zoosh technology, which utilizes the speakers and microphones of smartphones to securely exchange encrypted data between devices. In addition to the enhanced security offered, the technology also allows app developers to unlock the potential of non-NFC smartphones to deliver single-tap functionality alongside their NFC solutions.
Since its October 2013 debut, Way2ride has experienced more than 60,000 downloads and has more than 17,000 users.
More than 9,000 cabs in New York City currently accept Way2ride.