Taxi war hits the streets as goCatch grabs for hailing revenue
PATRICK DURKIN | 7 SEPTEMBER 2015
Taxi booking app goCatch has signed a deal with ASX-listed Mint Payments to hijack the lucrative payments market from start-up rival Ingogo and major incumbent Cabcharge.
The partnership means that Mint and goCatch, backed by prominent investors including Malcolm Turnbull’s son Alex Turnbull, SEEK co-founder Paul Bassat, fund manager David Paradice and venture capital firm Square Peg, which is backed by billionaire James Packer, will capture a share of revenue from taxis hailed from the street or taxi rank, rather than using an app.
“Roughly half of all taxi jobs in Australia are hailed from the street or taxi rank, representing a big opportunity for goCatch to monetise payments for these journeys,” goCatch chief executive Ned Moorfield told The Australian Financial Review.
Listed taxi giant Cabcharge has already seen its taxi service fees cut to $90 million, after regulation in NSW, Victoria and Western Australia to half the 10 per cent surcharge applied on credit and debit card transactions for taxi trips.