50,000 Electric Vehicle Charging Stations in Europe Will Offer Crypto Payments in the Future

Two payment companies have partnered to launch crypto payments at 50,000 electric vehicle charging stations in Europe.

The partnership was established between HIPS Payment Group Ltd, an Irish e-commerce and mobile payment solutions company, and Vourity, a Swedish company that specializes in unattended payment facilities such as electric vehicle charging stations.

The integration of crypto payments into charging stations will be implemented over the next three years, starting in November 2021.

The companies haven’t revealed which cryptocurrencies will be supported, but Vourity posted an image of a payment terminal with an ETH logo, strongly suggesting Ethereum could be one of the first. Ethereum will switch to a more energy-efficient proof-of-stake consensus mechanism next year, which could ease resistance from environmentally conscious electric car drivers.

Vourity CEO Hans Nottehed said: “We are currently evaluating which cryptocurrencies we will support. They will be converted into fiat currencies.”

Vourity payment terminal with ETH logo

Crypto payments will be connected to the blockchain via the Hips Merchant Protocol’s native protocol token, the Merchant Token, allowing integration with Vourity’s electric vehicle charging stations.

Back in May, HIPS Payment Group launched the HIPS Merchant Protocol, HIPS Merchant Protocol Gateway and Merchant Token.

The protocol was built on Ethereum and Solana in May 2021, with plans to expand to support Cardano in the future.

“In addition, the Hips Merchant Blockchain features near real-time transaction speeds and is designed for merchant transactions, whether they are mobile, in-store or e-commerce, using the payment card industry’s interchange concept,” HIPS noted in May.

Electric Vehicle Crypto Innovation

Tesla famously did a U-turn on accepting Bitcoin payments, with Elon Musk noting that the company would not change course unless the mining sector was at least 50% powered by clean energy. Other companies focused on electric vehicles are also looking for ways to innovate with “clean” cryptocurrency mining and adoption.

Earlier this month, Canadian light electric vehicle manufacturer Daymak announced an upcoming electric car, set to be launched in 2023, that is equipped with a cryptocurrency mining rig that can mine Bitcoin and other cryptocurrencies while charging or parked.

In March this year, Stellantis, the parent company of European automaker Fiat, partnered with Kiri Technologies to reward Fiat electric vehicle drivers with cryptocurrencies through Kiri Technologies' KiriCoin to promote an "eco-friendly driving style."

That same month, Volkswagen Group Innovation, the research arm of German carmaker Volkswagen, announced a partnership with Energy Web, a nonprofit focused on open source energy transition.

The collaboration examined ways to use blockchain to integrate electric vehicles and electric vehicle charging stations as part of the electrical grid.

In an interview with Cointelegraph, Energy Web Chief Commercial Officer Jesse Morris highlighted the benefits of using blockchain to track the integration between electric vehicles, charging stations and the power grid.

Morris mentioned that during periods of local grid congestion, Volkswagen drivers could be incentivized not to charge their vehicles by earning cryptocurrency or fiat currency. Additionally, utility providers could pay electric vehicle drivers to store electricity when the grid is generating excess electricity.