Should we be hailing the rise of taxi apps?

New technologies change industries, and the taxi industry is no exception. App-based taxi services such as Uber (globally) and Didi Chuxing in China have created significant competition for the traditional taxi companies (licensed and with fare meters in their cabs).

London black cab drivers are famous for learning "the knowledge" so that they can prove they know how to take a passenger the quickest route from A to B and, of course, their taxi vehicles are expensive to buy but very spacious, reliable and fit for the purpose. Equally the easy to recognise New York yellow cabs require a Medallion (license) to operate. These used to change hands at high prices, although now the value of these has dropped noticeably. However, the monopolies created by the old rules led to higher prices and app-based taxi services have emerged to break these monopolies.

Many will say this is a good thing. And we all know that traditional taxis are difficult to get when it is raining, and that the drivers of some licensed cabs in big Chinese cities are reluctant to drive during the rush hours as the time spent in heavy traffic is financially unrewarding. And then there are times when a taxi will stop but then refuse the ride because of the destination or else stop but demand double the fare because it is late at night.