Verifone launches Way2ride, a sound based payment system in NYC cabs

By now you must have heard about Microsoft's Dhwani, a sound based NFC like system that uses sound waves to transmit data. But what came as big boost to the sound wave based payment systems is when Verifone launched Way2ride this week, which runs on both traditional NFC enabled system and sound wave based NFC like system.

Source: VeriFone

Way2ride a mobile app was released earlier this week by Verifone. The app allows for taxi passengers in NYC to pay through a tap any time during the ride to the journey. Way2ride is available on both iOS and Android based smartphones. The app is aimed at making the traveling experience of the business travelers better by offering them an option to pre-load payment details and tips and use it in Taxis.

A simple tap on the phone and the payment is set off. Post payment, digital receipts are saved and can be accessed either through the phone or at for record keeping or expend tracking of business trips. Way2ride is still in a pilot phase and Verifone is planning to expand its usage worldwide targeting over 70,000 payment-enabled taxis. As part of the future release program, Way2ride will soon be released for usage at the gas stations considering the high interest amongst the American public to do so.

Way2ride makes every taxi ride better, whether you hail by hand or with an app, said Amos Tamam, senior vice president of Taxi Systems for VeriFone. An app that provides this convenience in every taxi in New York City, including the new for-hire vehicles in upper Manhattan and the boroughs, will be a real benefit to passengers and drivers alike.

What makes Way2ride stand out is its ability to make payments over the cloud without the usage of any expensive NFC enabled card readers. A sound based technology called Zoosh from Verifone is used to make secure payments over the cloud and the data is exchanged through the smartphones microphones and speakers.

LTP View: Way2ride has several factors working for it to make it successful. Mobile payments and card readers can be seen in usage in NYC but what makes Way2ride attractive to the cab companies is the Zoosh technology and Low acquisition costs of accepting transactions over the cloud through smartphone.