Why does TaxiPay™ exist and what impact are we looking to have?
Why "Empowering People"?
Our purpose is to move the unserved & underserved segment of our South African Society from a cash to a digital based economy.
The "How"
Facilitating digital fare payments for Minibus Taxis; Locals & Informal Traders.
Mission
A more financially included society where the current unserved & underserved segment of society is Financially Included, enjoying both the efficiencies and economic benefits of digitization.
The Problems
There are various pressing issues with the current system in play, ones that impact stakeholders throughout the ecosystem
High Costs
High transacting costs and lack of trust in the Banks have resulted in 60% of SA’s Population remaining a predominately cash based society
Cash Predominance
Cash predominance has stunted economic growth, due to limited insights of economic activity, making lending difficult and expensive
Old School Industry
The Taxi Industry Operates 100% on Cash - 6,5 million commuters spending more than R350m on fares per day.
Previous Failure
Major Banks as well as Taxi Industry Stakeholders have previously tried & failed to digitize Taxi Fare Payments.
We are looking to overcome these industry problems by solving key pain points for stakeholders
Eliminate In-Taxi Change Hassle
Tackle the general inconvenience of cash
Counter the risk of theft
Reduce the circulation of counterfeit Notes
Fight the ongoing industry extortion
Tackle the high cost of finance (Financial Exclusion)
The opportunity
Providing a digital payments platform into the Taxi Ecosystem has the potential to onboard:
6 500 000+
Commuters (LSM 4-7)
100 000+
Traders in and around Taxi Ranks
200 000+
Drivers
10 000+
Taxi Owners
In collaboration with
