Why TaxiPass Is What’s Next in Payments

TaxiPass was created by a dynamic team of entrepreneurs and taxi industry experts, tired of carrying cash on trips and looking for a way to charge rides that’s as easy for the drivers as it is for the passengers.

Founder Jason Diaz is one of the leaders of the New York City taxi industry, and is the founder of Cab Watch the largest cabdriver organization with over 10,000 members. While at Cab Watch, Jason mobilized thousands of cabdrivers, secured partnerships with the New York City Mayor’s Office and Taxi & Limousine Commission and developed financial and organizational support from Sprint PCS, Ford, and Clear Channel Taxi Media. Jason has a New York City taxi & FHV license, and drives occasionally for various fleet operators.

Mayor Michael R. Bloomberg, Mayor Rudolph Giuliani, President Bill Clinton, and Attorney General Reno have all honored Jason for his efforts at Cab Watch. He has also been recognized as the New Yorker of the Week and Reader’s Digest Hero of the Month.

PYMNTS.com recently asked Jason to explain the motivation to start TaxiPass and why his innovative company is what’s next in payments. Watch the video here:

In one sentence, what do you do?

TaxiPass has figured out how to get the $22 billion all cash taxi industry to like taking secure credit card payments.

What problem do you solve for and for whom?

Passengers want to pay by credit card for their taxi ride, but drivers don’t, because taking cards for payment is too cumbersome, expensive and it takes too long to get cash. 

TaxiPass provides a secure painless way for people to pay by card, in a way where the cabdriver doesn’t have to do anything, pay any fees as well as can get same day reimbursement.

What makes you different than anyone else in this space?

 No one else recognizes that if credit card acceptance doesn’t work for the cabdrivers, it doesn’t work.

What was the feedback received from your last investor or client discussion?

We have hit the tipping point.  Every major city in the US wants to be like New York City, but can’t force the cabbies like they did in NYC…which is why they need TaxiPass to achieve this vision.

Provide 50 words or less that would get someone like Warren Buffet to listen your pitch.

TaxiPass is the US version of CabCharge, a publicly traded international company that had a $1 billion market 12 months ago (now $600 mm).  With 18k cabs with credit card machines, it processed $1 billion annually.  With 9% of the US market, TaxiPass can be the CabCharge of the US.

What is the one word that most of the people you talk to about your product or service use to describe it?

About time. 

Why are you “what’s next” in payments?

The $22 billion taxi industry is the last all cash industry left in America. The vending machine industry ($15b) and Laundromat industry ($6b) rank 2^nd and third.