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A taximeter or fare meter is a mechanical or electronic device installed in taxicabs and auto rickshaws that calculates passenger fares based on a combination of distance travelled and waiting time. Its shortened form, "taxi", is also a metonym for the hired cars that use them.
A fare is the fee paid by a passenger for use of a public transport system: rail, bus, taxi, etc. In the case of air transport, the term airfare is often used. Fare structure is the system set up to determine how much is to be paid by various passengers using a transit vehicle at any given time. A linked trip is a trip from the origin to the ...
Taxi fares are set by the state and city where they are permitted to operate. The fare includes the 'drop', a set amount that is tallied for getting into the taxi plus the 'per kilometer' rate as has been set by the city. The taxi meters track time as well as distance in an average taxi fare.
Both types have the same fare structure. Taxicabs are operated by private individuals or companies and licensed by the New York City Taxi and Limousine Commission (TLC). It also oversees over 40,000 other for-hire vehicles, including "black cars", commuter vans, and ambulettes.
The farebox recovery ratio (also called fare recovery ratio, fare recovery rate or other terms) of a passenger transportation system is the fraction of operating expenses which are met by the fares paid by passengers. It is computed by dividing the system's total fare revenue by its total operating expenses. [1]
The app also offered real-time pricing, where riders could see the fare they would be charged in the app as they traveled along their route. This was similar to taxi cab pricing, and differs from Uber and Lyft, which offer either upfront pricing or calculate the fare to be paid after the trip has finished. [11]