Israeli fintech company Nayax has partnered with Visa to deploy a contactless card acceptance technology in more than a thousand private taxis across Israel, the two companies announced on Monday.
This new innovation was designed so that it can be easier for both Israelis and tourists to pay for a cab ride with a contactless card, mobile wallets, or smart watches - provided that all are equipped with payment capabilities.
"With the solution we are announcing today, we are proud to open a brand-new sector to card acceptance in Israel and hope to see this initiative further expand in more taxis in the country," said Sevi Vassileva, VP and general-manager for Visa in Israel, Greece, Cyprus and Malta.
"Card acceptance enablement supports taxi owners in the digitization of their businesses and gives a more seamless travel experience to their passengers who can pay quickly, securely and conveniently," she said.
The taxis themselves will be equipped with Mayax terminals. It will look like a mobile phone and act as a POS (point of sale) machine. The technology also allows the passenger to tip the driver, rate the level of service of the ride and receive a digital receipt via text. To know when the payment has been made, a "beep" sound unique to Visa will be heard to confirm you've paid.
"Card acceptance enablement supports taxi owners in the digitalization of their businesses and gives a more seamless travel experience to their passengers who can pay quickly, securely and conveniently."Sevi Vassileva, VP and General Manager for Visa in Israel, Greece, Cyprus and Malta
"Nayax is now entering a new vertical to bring its expertise to taxi drivers with the goal of offering the most advanced cashless payment and consumer engagement solution," said Nayax CEO Yossi Avital. "We continue to help customers make the needed transformation into the digital payment to help them grow their business and generate seamless operations while offering the best consumer experience."