A new app that will allow travelers to book cab rides from their smartphones launches in D.C. Wednesday.

The free app, myTaxi, follows in the footsteps of companies like Uber and Taxi Magic by allowing cab riders to pay with credit card on their phones, but comes with a few key differences. MyTaxi users will pay regular cab fares, rather than higher fares for Uber's more upscale towncars. And myTaxi users won't have to pay a surcharge for paying with a credit card, unlike Taxi Magic, which charges $1.50. MyTaxi instead makes money by charging cab drivers 99 cents per ride, though that fee is waived now during the launch, a myTaxi representative said.

MyTaxi also connects riders directly with cab drivers, unlike Taxi Magic, which connects them with dispatch services.

The app launched in Europe before coming to the U.S. and will be available on Android and iPhone, a spokesman said.

The app comes at the same time the D.C. Council and the D.C. Taxicab Commission are considering new regulations for Uber, which officials say falls into a no-man's-land between cabs and limousines. Cab drivers say Uber is unfair competition, but supporters say D.C. is stifling innovation by considering harsh regulations on the company.