New York taxi cabs have been credit-card-friendly for a few years now. But things are about to get even more convenient: New York's Taxi and Limousine Commission (TLC) has signed on to a pilot program that will deploy Square payment technology in 30 city cabs.
Square, created by former Twitter CEO Jack Dorsey, is an application that allows users to receive credit card payments via their mobile phones. Users can swipe credit cards, using a square card reader that attaches to the phone, or by manually entering credit card details.
This test phase for New York's taxicabs is set to begin in a few weeks. David S. Yassky, who currently chairs the TLC, said he hopes the new technology would lower processing fees for taxicab medallion owners, though it's not yet clear if that will be the case. Currently taxicab credit card payments are contracted to VeriFone Systems and Creative Mobile Technologies LLC.
via [All Things D]