Meet the taxi industry's last, best hope to survive Uber age

It's called Arro, and it may be the traditional taxi industry's best shot at survival in the age of Uber.

Eighteen months in the making, the new smartphone application allows users to hail and pay for yellow and green taxi rides in New York City, essentially mirroring a service that Uber already provides called UberT. But Arro's designers claim their app is faster, cheaper and more reliable than Uber's.

They hope Arro, which is being beta-tested in 7,000 cabs and will launch publicly in a couple of weeks, will eventually be compatible with all 20,000 yellow and green taxis in New York. Its backers say it contains several features that will give it a competitive advantage over Uber, the $50 billion San Francisco-based tech giant that has upended the taxi industry in New York and other cities around the world.

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