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