World Moto (OTCMKTS:FARE) has told investors it is talking with taxi hailing app makers with a view to establishing its ruggedized Moto-Meter product as an ‘industry standard’ for motorbike taxis.
The company said it is talking to the popular app services groups to provide them a competitive advantage for their brands.
It described the current marketplace as being an ‘accelerating battle to professionalize the world's motorcycle taxi fleets’.
Notably, in recent weeks Uber launched motorbike taxi services in Bangkok and, shortly after, India.
Moto-Meter, a ruggedized unit installed on handle bars, works like a traditional car taxi meter but it is also integrated with smartphone usage.
World Moto believes the product offers distinct advantages to app only solutions, particularly in bustling urban areas and where it says customers have a strong preference for ‘hop and go’ usage.
It also highlighted that in ‘noisy, street level environments’ it may not be possible for drivers to hear mobile phones or feel vibrations from handsets. The ruggedized Moto-Meter is impervious to road dust, insects and water, the company added.
"Motorcycle taxis are the most numerous form of taxis on Earth, and while the scale of this new battlefield is enormous, so are the potential rewards," said Paul Giles, World Moto chief executive.
"The professionalization of this industry, already underway, will only increase in the future, and the tremendous size of the sector and number of disparate regional markets, similar to retail, allows room for multiple winners.
“The Moto-Meter offers tangible benefits for every one of them, and it is only a matter of time before this technology becomes ubiquitous.
“Until then, any leverage that these operators can achieve in a city may mean the difference between becoming the leading service vs. handing victory to a competitor, and the Moto-Meter will give them a distinct advantage."