In Europe, 50,000 electric vehicle charging stations will accept cryptocurrency payments.
Two payment companies have partnered to allow crypto payments at 50,000 electric vehicle charging stations across Europe.
HIPS Payment Group Ltd, an Irish e-commerce and mobile payment solutions company, and Vourity, a Swedish company that specialises in unattended payment facilities such as electric vehicle charging stations, have formed a collaboration.
Starting in November 2021, crypto payments will be integrated with charging stations over the next three years.
The companies haven't said which cryptocurrencies would be supported, but Vourity has hinted that Ethereum will be one of the first after releasing an image of a payment terminal with an ETH logo on it. In the coming year, Ethereum will switch to the considerably more energy efficient Proof-of-Stake consensus method, which could reduce any pushback from environmentally conscientious EV drivers.
“We're still deciding which cryptos/coins we'll support. Vourity's CEO, Hans Nottehed, declared, "It will be transformed to fiat."
With an ETH logo, Vourity payment terminal
By connecting to the blockchain using Hips Merchant Protocol's native protocol token Merchant Token, crypto payments will be linked with Vourity's EV charging stations.
The HIPS Merchant Protocol, the HIPS Merchant Protocol Gateway, and the controlling Merchant Token were all launched in May by HIPS Payment Group.
In May 2021, the protocol was constructed on Ethereum and Solana, with hopes to add Cardano compatibility in the future.
HIPS stated in May that the Hips Merchant Blockchain is “built for merchant transactions, regardless of whether they are mobile, in-store, or e-commerce,” and that it “employs the interchange principle from the payment card industry.”
Innovation in EV crypto
Tesla notably reversed their decision to accept Bitcoin (BTC) payments for vehicles, with Elon Musk stating that the company will not change course until the mining sector is powered by clean energy at least 50% of the time. Other electric vehicle companies have looked for methods to develop by employing “clean” crypto mining and adoption.
Daymak, a Canadian light EV maker, announced a forthcoming EV planned for 2023 that is equipped with a crypto mining gear that can mine Bitcoin and other cryptocurrencies while it is charging or parked at the beginning of this month.
Stellantis, the parent company of Fiat, teamed up with Kiri Technologies in March to encourage a "eco-driving style" by paying Fiat EV drivers in cryptocurrency via Kiri Technologies' KiriCoin.
In the same month, Volkswagen Group Innovation, the German automaker's research arm, announced a collaboration with Energy Web, a non-profit dedicated to open source energy transition.
The two collaborated to investigate how to use blockchain to integrate electric vehicles and charging stations into the power system.
Jesse Morris, the chief commercial officer of Energy Web, spoke with Cointelegraph about the advantages of utilising blockchain to track the integration of electric vehicles, charging stations, and power grids.
Morris suggested that during times of local grid congestion, Volkswagen drivers may be compensated in crypto or fiat for not charging. Utility companies might also compensate EV drivers to store energy during periods when the power system is overloaded.
