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London black cab trials cashless payments using mobile phone app

Passengers can transfer the fare from their phones

The late night quest for a cash point could soon be a thing of the past for cab passengers as a London cabbie trials mobile phone payments.

Ian Cable is using Barclay’s Pingit app for cashless payments for five days until Friday.

It allows the fare on the meter to be transferred between bank accounts within 30 seconds.

Mr Cable, who has been a London black cab driver for 23 years, said: “I am always up for trying new technology to help make mine and my passengers' lives easier.”

He was also the first cabbie to accept chip and pin cards in 2004.

“It means I have more time on the road to earn money - rather than stopping off at the bank to pay in my earnings or pulling up at ATMs for passengers with the risk of getting a hefty parking fine," he added.

As contactless payment cards become more popular, the next shift predicted is towards mobile payments.

The Centre for Economic and Business Research predicts that by 2020, 20 million adults will use their mobiles to pay for goods and services.

Darren Foulds, the director of Barclays Mobile and Pingit, said: “We are always keen to support new ways to make people’s lives easier.

“This trial really demonstrates the huge potential for mobile payments as they gain more widespread use.”

The app, which can be used by customers of any bank, works by using QR codes to gain information needed for a transaction.

Since it launched in February 2012, Barclays Pingit has been downloaded 3 million times and used to transfer £540 million.