China Banking Corporation has teamed up with BancNet and Mabuhay Taxi, one of Davao City’s biggest taxi fleet operators for an innovative cashless fare payment system.
The bank said passengers can now pay their taxi fare using their ATM or debit card. Thru BancNet, other ATM cards issued by Megalink banks will also be accepted.
Under the memorandum of agreement signed by the parties, the over 200 units of Mabuhay Taxi will be equipped with wireless POS terminals by BancNet.
For the initial roll-out of the program, 20 units of black Mabuhay Taxi were installed with wireless point-of-sale (POS) terminals. The drivers are undergoing training and by July 9, these POS-equipped taxis will be on the streets of Davao.
The deal, the first of its kind in the country, is a pioneering project to promote card-based transactions which is already popular in the rest of the world.
China Bank Davao-Lanang Branch facilitated the deployment of state-of-the-art wireless POS terminals of Mabuhay Taxi, one of its long-time valued clients, aided by the Bank's Cash Management Services Division.
"Today, almost everyone has an ATM card, and people are already familiar with POS transactions in stores and boutiques. Why not taxis? It's safe and convenient to use ATM and debit cards to pay for goods and services,” said said China Bank Davao-Lanang branch head Joselito Crisostomo.
He added that there is no minimum payment for cab fares, even if it is below P100, the transaction will still be processed.
"Mabuhay Taxi is very excited to partner with China Bank for this pioneering project," said Mabuhay Taxi assistant manager Pierre Ryan Tan.
He noted that, "now, our passengers don't have to pay cash in select Black Mabuhay Taxis, all they have to do is swipe their ATM/Debit Card."
"This is a most welcome development. I hope that more businesses will be inclined to adopt this technology as a payment channel for their goods and services," said BancNet Executive Vice President and COO Aris Zafra.
China Bank and BancNet are hoping that in a year or two, all units of Mabuhay Taxi will already have POS terminals, and that eventually, cashless payment will also be the norm in paying for fares in any public utility vehicle.
By JAMES A. LOYOLA