02 Aug Ryde Obtains Class 1 Third-party Taxi Booking Service Certificate
Singapore, 2 August 2018 – Ryde Technologies (Ryde), Singapore’s homegrown mobility app, has obtained the certificate for Class 1 third-party taxi booking service from the Land Transport Authority (LTA). Ryde is the second largest ride-hailing platform in Singapore and is now able to *work with taxi operators to* dynamically fix fares for taxis through the Ryde app as opposed to booking a taxi and being charged by the meter. Ryde has started accepting online registration for taxi drivers via the Ryde driver app.
Taxi drivers can register for a RydeX account by downloading the Ryde driver app, available now on the Google Play Store. Ryde targets to onboard 7,000 new taxi drivers for its RydeX private-hire service by Q4 2018, bringing the total RydeX driver fleet to over 20,000 – both private-hire and taxi drivers. Ryde’s ridership has grown 6-fold since the launch of RydeX in May 2018.
Taxi drivers on the Ryde platform can accept both RydeX as well as street hail jobs. There will be less idle time in between jobs and more earning opportunities during off-peak hours. During times of increased demand like weekday rush-hour period, Friday/Saturday nights and on the eve of public holidays, taxi drivers can accept RydeX dynamic surged fares. Lastly, taxi drivers can accept bookings up to 3 days in advance with Ryde’s scheduled booking feature. Like RydeX drivers, taxi drivers pay a 10% service fee for each trip completed and are eligible for all RydeX incentives.
With the expected increase of 7,000 full time taxi drivers on the platform, Ryde commuters can expect faster matches and reduced average wait times of 4 minutes – down from 5 minutes at present.
Ryde is open to work with all taxi operators, on a non-exclusive basis, to provide an alternative source of bookings for taxi drivers to increase their earnings. Ryde is seeking approval from the Public Transport Council (PTC) for taxis to accept Ryde’s dynamic fixed fares and expects to roll out the RydeX feature to all taxi drivers by September. The PTC approval could take up to 28 days.
Terence Zou, Founder and CEO of Ryde Technologies Pte Ltd says, “The taxi industry has undergone unprecedented change over the past 3 years. It has evolved from a traditional metered fare structure to a dynamically priced one. This is more efficient as it better incentivizes supply to match demand during peak periods as opposed to meter pricing with discrete peak hour surcharges.”
“We are very excited to play a part in transforming Singapore’s point-to-point transportation landscape.”
The move for taxi operators to partner with Ryde will level the playing field as taxi drivers will have access to more bookings through Ryde’s mobility app which includes carpool, pet, private hire and taxi services. Ryde is also open to work with taxi operators who plan to enter the private-hire car market.
Most taxi operators were bound through exclusive contracts with other ride-hailing platforms before the Competition and Consumer Commission of Singapore (CCCS) proposed, in the July 5th statement, to remove “exclusivity arrangements with any taxi fleet to increase choices for drivers and riders and improve market contestability.”