Local cab companies say Toronto will see fewer taxis on city streets, as well as higher fares and longer wait times, if the city changes the way it hands out taxi licences.

The city is eyeing streamlining its taxi licences, implementing a single system that would require licence owners to drive their own vehicle.

Currently, there are three types of taxi licences used in Toronto: one that requires owners to drive their cabs, a second that relates to drivers with accessible vehicles and a third that allows drivers other than the owner to operate a vehicle.

The Toronto Taxi Alliance says the city has ignored the changes the taxi industry wants to see, but the city says almost all the recommendations came from taxi drivers and companies.

It is also looking at making taxis install credit card and debit machines in every vehicle, as well as making all future taxis wheelchair accessible.

"The world will not end. In fact, we hope people will get better service," Coun. Glenn De Baeremaeker said of the proposed changes.

Click on the video above to see a full report from the CBC’s Michelle Cheung.