The five-day initiative, being trialled by London black cab chip-and-pin driver Ian Cable, highlights the potential for sole traders and small businesses that are usually reliant on cash payments.
Cable said: I am very excited to take part in this trial. I have been a cabbie for many years and am always up for trying new technology to help make mine and my passengers lives easier. London taxis are an institution and usually not something youd associate with the digital world, but this really is a great opportunity. I was the first London black cab driver to accept chip and pin back in 2004 and I will be the first to trial only accepting payment by Barclays Pingit.”
Not only is the app convenient for my passengers, because they dont need to worry about getting cash out, it means I have more time on the road to earn money – rather than stopping off at the bank to pay in my earnings or pulling up at ATMs for passengers with the risk of getting a hefty parking fine.
The trial comes hand in hand with Barclays research, finding that 55 per cent of taxi businesses are sole traders, while more than 65 per cent have a turnover of less than 50,000. With the industry a key sector for small businesses, the value of this innovation for users in terms of hours saved taking, processing and reporting payments is evident.
In fact, data reveals that 22 per cent of its taxi business customers are based in London, as are one in four UK Pingit users, demonstrating the huge opportunity for both taxi and other businesses in the capital to cash in on the new technology.
All passengers can download and use the Barclays Pingit app, regardless of who they bank with. Barclays customers and non-customers alike will simply have to scan the unique QR code sticker with the inbuilt reader.