TORONTO TAXI COMPANY SEES 10-FOLD INCREASE IN CREDIT CARD USE FOLLOWING INSTALLATION OF WIRELESS POINT-OF-SALE TERMINALS
Toronto, Feb 11, 2003 - Crown Taxi of Toronto has experienced a 10-fold increase in credit card transactions since installing wireless terminals in its fleet in October 2002, announced Vancouver-based eXcape Business Transactions Inc., which created the wireless point-of-sale solution.
"Customers have really appreciated the added convenience of paying by credit or debit," said Bob Donaldson, President of Fareport Capital Inc., which owns Crown Taxi. "It actually is faster than paying by cash, and eliminates the need for drivers and customers to have to fumble for the right change. We think it has given us a real competitive advantage in the market."
MasterCard Canada sees the increase in credit card transactions at Crown Taxi, as a win-win-win situation for consumers, the taxi industry, as well as the credit card industry.
"This is an exciting new addition to the vast range of locations where MasterCard can be accepted," said Walt Macnee, President, MasterCard Canada. "We're pleased with the results of this program so far, which clearly indicate that Canadian consumers want the option of paying for taxis by credit card. eXcape's wireless point-of-sale solution provides cardholders with an easy and secure way of using credit cards to pay for cab fares. As the adoption of wireless point of sale technology increases in taxis, we anticipate consumers will increasingly turn to MasterCard for payment."
eXcape’s fleetX® POS terminals accept all payment card types including MasterCard, debit, Visa, American Express, and Diners Club cards. The terminals enable the taxi industry to capture plastic card payments with full authorization in exactly the same way other businesses operate. This will greatly reduce fraudulent credit card issues for drivers, allowing them to have confidence in accepting all credit cards.
"It’s exciting to help an industry adopt a new technology and watch it realize the benefits," says Darryl Jones, President, eXcape. "As the largest installed provider of credit and debit services in taxis in Canada, we see tremendous opportunities for the industry and the customer response is very gratifying to watch."
Crown Taxi, which became the first taxi company in North America to equip its entire fleet with wireless point-of-sales terminals, has been experimenting with wireless point-of-sale devices for two years, and announced it had completed installation of eXcape’s solution in its entire fleet in October 2002.
About MasterCard InternationalMasterCard International has a comprehensive portfolio of well-known, widely accepted payment brands including MasterCard®, Cirrus® and Maestro®. More than 1.7 billion MasterCard, Cirrus and Maestro logos are present on credit, charge and debit cards in circulation today. With approximately 25,000 MasterCard, Cirrus and Maestro members worldwide, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is a leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard's award-winning Priceless® advertising campaign is now seen in 90 countries and in 45 languages, giving the MasterCard brand a truly global reach and scope. With more than 29 million acceptance locations, no payment card is more widely accepted globally than MasterCard. For the nine months ended September 30, 2002, gross dollar volume exceeded US$831.7 billion. MasterCard can be reached through its website at www.mastercardinternational.com
About Fareport Capital Inc.
Fareport is a public company trading on the TSX Venture Exchange, symbol YFA. It currently owns and operates Crown Taxi in the city of Toronto, and Rapid City Transportation, a specialized service for special needs customers. In addition, Fareport maintains an asset financing division, currently focused on the financing of vehicles and related assets by taxicab owner operators. For more information, visit www.fareport.com or the Crown Taxi site at www.crowntaxi.net
eXcape Business Transactions, Inc. is a privately-held Canadian company with operations centered in Vancouver, BC and offices in Toronto, ON and Kirkland, QC, and is the leading in-vehicle provider of wireless debit and credit solutions in fleet markets in North America via their fleetX offering.
eXcape's unique solutions combine expertise in financial and value-added transactions at the physical point-of-sale with a proven track record in deploying wireless point-of-sale (POS) devices. Transaction data collected is presented with industry specific detail to the customer daily. Working with technology suppliers SchlumbergerSema, Research in Motion, and Rogers AT&T Wireless, eXcape has developed and sold its solutions into a variety of Canadian markets and is implementing an aggressive expansion throughout North America with its fleetX solution suite. For more information, visit www.excape.net
For more information, contact:
For MasterCard Canada:
Tel: (416) 920-9000 x239
For Crown Taxi:
Tel: (416) 750-0224 x228
Tel: (604) 682-6333