Unlike Uber, the company will accept cash as well as electronic payments.

Uber has 40,000 drivers and three million London users who take a million trips per week, according to Reuters. Taxify will also face competition from other taxi services such as Addison Lee, Gett, Hailo and traditional black cabs.

“Ride-sharing has been monopolised by Uber,” Villig said. “Now it is getting clear that in most markets there will be major competitors.”

An Uber spokesman said the firm welcomed the competition, "as it raises service levels across the board."

The arrival of the app in London has come at a time when Uber has faced a high-profile sexual harassment claim.

In March earlier this year Amit Singhal, Uber’s (previous) head of engineering, was asked to hand in his resignation, after the taxi app company discovered that he had failed to disclose a serious sexual harassment claim made against him in his previous job.

New taxi app arrives in London and it’s cheaper than Uber