A taxi speeds past a Bank of America branch in New York's Times Square
Cab drivers hope the new competition for business in taxis will lower the prices they pay for credit card transactions. REUTERS

While it may not be the Cash Cab you're climbing into every time you catch a ride, the Taxi and Limousine Commission is trying to ensure its customers have a fun ride every time.

According to the New York Times, the commission is setting up a panel that will consider the installation of computer tablets into taxi cabs. The proposal came from Square, a mobile payment company based in San Francisco, which is trying to replace Taxi TVs with an iPad-like tablet in up to 50 taxis.

The tablets would feature an option for credit card payment, as well as games and social media (like Foursquare) for customers to enjoy while they are taken to their destination.

Cab drivers, which brunt the fee everytime a patron pays with a credit card, are hoping the competition between Square and Verifone Media and Creative Mobile Technologies — the companies behind the Taxi TV — will lower the price they have to pay for credit card transactions.

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