50,000 Electric Vehicle Charging Stations in Europe Plan to Accept Cryptocurrency

July 2, 2021
Sarah Gormley

Crypto money is being accepted by more businesses worldwide, one of the newer ones being electric station supply companies. Over the next three years, 500,000 power stations in Europe will implement cryptocurrency as a form of payment. The integration is expected to start in November 2021.

Working together to make this happen will be the Irish e-commerce and mobile payments solution company, HIPS Payment Group Ltd, and Vourity, a Swedish fintech platform that specializes in unattended sales and payments — one of their biggest services being electric vehicle charging.

Currently, the Vourity platform allows electric vehicle drivers to pay with many forms of payment including the typical credit cards, Apple Pay, Google Pay, Swish, and Bluecode. Their hope for this partnership with HIPS is to become more accessible and expand customer options.

“We want to make it easy for drivers to charge their car and offering an open platform that allows for crypto payments is the most logical choice for our next-generation world,” states Hans Nottehed, CEO of Vourity.

The companies have been keeping quiet on which cryptocurrency they will use. While this is true, Vourity released an image of a payment terminal with an ETH logo, hinting that they will be using Ethereum. The cryptocurrency Ethereum is rumored to be switching from Proof of Work (PoW) to Proof of Stake (PoS) which is a lot more sustainable and environmentally friendly. In addition, this switch makes Ethereum more desirable to companies.

Nottehed comments: “We are currently evaluating what cryptos/coins we will support. It will be converted to fiat.”

Back in May, HIPS released the Merchant Protocol, HIPS Merchant protocol Gateway, and Merchant Token, all built on the Ethereum and Solana networks. The cryptocurrency investments will be integrated with the Vourity electric vehicle charging station through its connection to blockchain technology via HIPS Merchant Protocol’s native protocol token, Merchant Token.

“With near real-time transaction speeds, in addition, the Hips Merchant Blockchain is designed for merchant transactions regardless of whether they are mobile, instore or e-commerce and uses the exchange concept of the payment card industry,” HIPS stated in May.

With many vehicle startup companies refusing to accept any form of cryptocurrency, will the newfound form of payment for charging cause these companies to take a second look into whether they should change their policies? Will it lead to a change in crypto investments? It will be interesting to see how this transition affects the economy.

 

References:

“Hips and Vourity Announce Partnership to Enable Crypto Payment for Electric Vehicle (EV) Charging in Europe.” Pressat, 22 June 2021, pressat.co.uk/releases/hips-and-vourity-announce-partnership-to-enable-crypto-payment-for-electric-vehicle-ev-charging-in-europe-fd8a712399cafcce49a78bb9ad605c6f/.

Quarmby, Brian. “50,000 Electric Vehicle Charging Stations in Europe to Offer Crypto Payments.” Cointelegraph, Cointelegraph, 25 June 2021, cointelegraph.com/news/50-000-electric-vehicle-charging-stations-in-europe-to-offer-crypto-payments.

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