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VakifBank

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VakifBank and Verifone have combined to offer taxi companies in Turkey a unique solution with new multimedia, dispatch, and payment capabilities.

  • VakifBank: VakifBank
  • Business Focus: Taxi Solution
  • Headquarters: Turkey

VakifBank

Integrated Solution for Taxis with Mobile Payments, Dispatch, and Multimedia

Right on time: an integrated solution for taxi companies with mobile payments, enhanced dispatch, and multimedia information

VakifBank and Verifone have combined to offer taxi companies in Turkey a unique solution with new multimedia, dispatch, and payment capabilities. The system leverages proven hardware, software, and integrations from Verifone’s transportations systems developed for U.S. taxi services.

CHALLENGE

Given cash handling, hectic operations, and a captive audience, taxis have long been ready for new technology.

Taxi services are one of the few remaining market verticals that commonly do not accept card payments. VakifBank, one of the largest banks in Turkey, is addressing this unmet need and bringing integrated payment, and multimedia systems to taxis in the region for the first time. Taxi system requirements, while straightforward, are made more complex by the mobility of their operations (now addressable with wireless solutions), and their high volume cash-handling has always warranted an electronic solution.

Even beyond payments, there are unique benefits for operations in efficiency and marketing. The emergence of contactless, as an ideal payment method for transportation systems, is also an exciting opportunity that banks like VakifBank want to anticipate. So, with new technologies, taxi companies, taxi drivers, and customers in mind, VakifBank approached Verifone – who is uniquely positioned to oversee such complex payment solutions – to bring a scalable system to market.

SOLUTION

VakifBank and Verifone collaborate for a unique solution with payment, multimedia, and integration.

Verifone has implemented major taxi systems in the United States and is in the process of implementing similar systems in other markets with the help of key partners like VakifBank. Verifone brings its expertise in wireless & payment hardware, logistics software, and integration, and complements it with VakifBank’s knowledge of the Turkish market and their ability to market, sell, and service the solution locally.

The VakifBank solution leverages Verifone’s very successful, customer facing MX Series. Every taxi is credit and debit card enabled, and the system creates a new revenue opportunity with advertising tied to news, entertainment, and public service feeds. The VakifBank TaxiPOS™ system enables payment in each taxi for any card brand. Drivers like it because their cash handling is reduced. VakifBank likes the solution because they can reinforce their brand and presence in local commerce. Merchants like the solution because they can work with VakifBank to promote targeted messages – critical in large cities where taxis are busiest and which have many tourists and business travelers.

RESULTS

The target goal for the VakifBank solution is over 2,000 taxis.

In the initial stages, VakifBank expects to bring on over 400 taxis in Istanbul to the TaxiPOS solution. Other larger cities in Turkey will also be targeted. Ultimately the goal is to have over 2,000 taxis in Turkey on the solution. The rollout plan – demonstrating demand for the system and the ease of installation – is expected to happen very quickly.

“The solution we have developed in conjunction with Verifone and their partners is very exciting given it opens a new, untapped market for us, and because of the system’s very unique capabilities in multimedia, operations enhancements, and of course, payments,” says Mrs. Nazan Arıca, the VakıfBank Credit Cards Division Head. Mrs. Arıca goes on to say, “This is a great solution that shows the tremendous potential for how payments technology can impact and improve business processes.” Drivers, taxi company owners, and customers have been very satisfied with the features of the new system.

Verifone is working with its financial services partners in many parts of the world to bring this new solution to market, and to help taxi services leverage the benefits of electronic payments, as well as advanced operations techniques enabled by the technology and necessary systems integrations.