Exciting news for those of you living in New York City. The Taxi and Limousine Commission has mandated high-tech equipment be installed in all yellow cabs by the end of 2007. This means special equipment in the rear of the cab will facilitate payment options, as well as provide users with endless entertainment as the cabbie drives them to their destination.

The TLC SmartCab equipment added to yellow cabs will include both driver and passenger information monitors that integrate GPS capabilities, payment options, and a text messaging component. At the end of each ride, the passenger monitor will display the total fare along with gratuity options, then give them the ability to pay with a credit/debit card without ever handing the card to the cab driver. Also, since the monitor is enabled with GPS, passengers will able to see the route the cab has taken in real-time.

As for cabbies, the work-load gets easier when the system automatically creates trip sheets with pick-up and drop-off locations logged when the meter is running. Radios will be replaced by a text messaging services that will alert drivers in the event of citywide emergencies, lost property, and other public events. As far as security goes, credit card payments means cabbies will now carry less cash, which I hope will deter thieves. 

I'm really bad at carrying a lot of cash on me, so I'm really excited about being able to pay the cab fare with a card. Guess that puts me in the 31 percent of consumers who prefers this payment method. I'd like to hear what New Yorkers think of this payment system. Let me know in the comments below.