SA’s new e-hailing service Twytch is banking on its cashless and tamper-proof blockchain-backed technology to bolster safety and revolutionise the ride-sharing experience for drivers and riders.
Having ditched commission-based earnings in favour of a fixed-rate payment structure that promises daily meal allowances alongside subsidised medical aid and funeral benefits, Twytch’s driver recruitment has attracted 12,500 drivers countrywide, the company said.
Safety issues such as identity theft and crimes involving unconfirmed users have long plagued SA’s e-hailing sector, which boasts about 100,000 e-hailing drivers and more than 2-million passengers.
The e-hailing company, which launched in Johannesburg on Monday, said it was trailblazing in its safety features and would be the first to use blockchain-backed identity verification software and provide a Verifiable Credential (VC) mechanism for all users. This is a secure, digital representation of identity information that is cryptographically stored on a decentralised blockchain and is impossible to forge or alter.
Twytch safety and security head Denvin Naidoo underscored passenger and driver safety as the focus in the creation of the platform.
“Through the power of blockchain technology and verifiable credentials, we are not just enhancing safety and security, we are redefining what trust means in the e-hailing service industry,” he said. “Every ride is a safe space, every interaction is verified, and every user is protected.”
While multiple players have entered the scene in recent years, not many have survived the SA market which is currently dominated by international major Uber and low-cost player Bolt.
With Twytch’s transparent, surge-free pricing mechanism, the firm said passengers would be sure they only paid the precise amount when they booked because fixed rates would be based on real-time traffic conditions. Only card payments or in-app wallet payments are accepted on Twytch, which is completely cashless.
Starting in Johannesburg, Twytch will roll out city by city in February. After that, Twytch will operate in Durban, Cape Town and Pretoria, too. The long-term goal of the business is to grow both in SA and Africa.
Drivers will get an annual bonus, tax-free perks to lower operating expenses and the assurance that there will not be any unstated deductions — another first for the industry.
The company has collaborated with Momentum to ensure drivers have access to benefits including health insurance and burial plans. It also partnered with First National Bank to provide drivers with banking and financial solutions.
Company operations lead Rodney Douglas said Twytch was raising the bar for ride-sharing by prioritising driver-centric rewards and passenger satisfaction.
“From comprehensive benefits to communication training, our drivers will be equipped to provide an unparalleled experience,” said Douglas. “South Africans deserve the best, and Twytch will deliver.”
Business Day reported in November that Ride-hailing platform Uber said it contributed R17bn to SA’s economy in 2023.
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