Credit Cards Are Helping NYC Taxis Get Through The Recession
The New York Times reported that the Taxi Commission is loving the use of credit cards for payment. Last year less than 1 out of 16 cab rides in NYC were paid for with plastic. Now a year later, 1 out of 5 customers are paying with their Visa, Mastercard, American Express, or Discover.
Last November, every single yellow cab in New York City was outfitted with credit card terminals. Now companies are telling employees with business credit cards to hitch a ride on a cab now that they accept plastic, instead of phoning for a more expensive black Lincoln Town Car. Even with the boom in business customers, taxi use in the city is still down because of the recession. More people are either sharing cab rides or taking other shared public transportation – the shift is bad for taxis, but is good for the environment.
