Cabcharge aspires to bank status

Taxi payments processing monopolist Cabcharge wants to be more like a bank, and will seek an exchange settlement account with the Reserve Bank, and will also seek entry to the bulk electronic clearing system, or BECS. Reg Kermode, the managing director of Cabcharge, said Cabcharge anticipated that it would qualify for an exchange settlement account and BECS entry within 18 months. Cabcharge earns most of its revenues from the 10 per cent surcharge on taxi fares paid with credit cards, debit cards and its own charge card brand.

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