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Intro: In a unique move by the companies in Europe, people will now be able to pay via cryptocurrency for charging their electric vehicles at the charging stations. An Irish-based e-commerce company, HIPS payment Group and Vourity have come together to provide cryptocurrency services to the Electric Vehicle Charging Stations in Europe. The service will be available with 50,000 charging stations.
Now people who own electric vehicles in Europe can pay in cryptocurrency in future at the charging stations. In what is called a change in payment mode, two payments companies have partnered with the Electric Vehicle Charging Stations in Europe to aid these stations to accept payment in cryptocurrencies like bitcoin and ethereum. The service will be available with 50,000 charging stations. This unique service will begin in the next three years.
The Irish based e-commerce company and mobile payment solution firm HIPS payment Group Ltd. and Vourity have together come under one roof to offer cryptocurrency services to the people of Europe. Hips network has its own crypto token MTO and its blockchain-based payment process will match the consumer protection offered by credit card providers.
Vourity is a Swedish company that gives payment solutions at Electric Vehicle Charging Stations. According to the reports, the partnership does not give immediate results. It will take at least 3 years to see the best results rolling.
Till now users were using apple pay, google pay swish and bluecode as payment methods for charging their vehicles. But with the launch of cryptocurrency acceptance on the electric vehicle charging stations, has made the life of the drivers in Europe a little simpler. This partnership reflects the mainstream adoption of digital assets.
The companies will start the business in November 2021. The business will be growing day by day along with the integration of their services to other new EV charging stations. However, the firms did not reveal the cryptocurrency they will be used for payment solutions.
Ethereum based payment
Vourity has given a hint that during the initial phase, Ethereum will be used. Later another cryptocurrency can be added to the business. The use of Ethereum in the payment system is much more acceptable than any other coin. However, the experts believe that the movement in big companies in the car and vehicles industry is based on efficiency.
Ethereum is transitioning from proof of work to proof of stake. Hence, it will no longer remain responsible for its high carbon footprint.
In May 2021 HIPS payment group launched a payment gateway based on Ethereum and Solana protocol. The company is also on an expansion spree to support Cardano (ADA) in future.
Europe second in using electric vehicles
In 2019, after China, Europe stands on number two for using electric vehicles. There were close to 561,000 cars sold as per the International Energy Agency. The pandemic has curtailed demand. Electric cars are not one of the key ways the IEA is encouraging countries to reach zero emission by 2050.
Cryptocurrency mining emissions a good amount of fossil fuel energy. This is one of the reasons for the impact of cryptocurrencies on the environment. This has surfaced a major concern around the wider use of digital assets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
