London taxis to get contactless payments

All London taxis will be required to accept contactless payments from October 2016, Transport for London (TfL) has confirmed. “TfL has negotiated with the credit card industry to bring down the cost for drivers of accepting card payments,” TfL says. “This will reduce transaction fees paid by cabbies from up to 10% to 3% or less of the transaction. Taxi drivers will recoup their transaction costs through a proposed 20p increase on the basic fare.”