Square Gets Approved for New York City Taxicab Pilot

The New York City Taxi and Limousine Commission has approved a proposal to deploy Square payments technology in 30 taxicabs as part of a test phase that will begin in a few weeks. VeriFone Systems Inc. and Creative Mobile Technologies LLC currently hold contracts to power credit card payments in more than 13,000 cabs across the city, and many more nationwide. It’s unclear whether using Square’s mobile payments technology in cabs would result in lower processing fees for taxicab medallion owners, but David S. Yassky, current chairman of the Taxi and Limousine Commission, has said he hopes credit card transaction fees could be lowered.