Support for other cryptocurrencies will be evaluated after the beta time period
Thousands of taxis in Scandinavia and the UK will soon be be able to accept payments with cryptocurrency.
It follows a partnership between e-commerce and mobile payment solutions firm, Hips Payment Group and the Payment House, a Nordic, European and global entity that processes payments for taxi companies in Scandinavia using its mobile payment solution eeZee pay.
The agreement will enable more than 20,000 taxis in Scandinavia and 10,000 taxis in the UK to handle cryptocurrencies.
The solution, which is planned to roll out in beta November 2021, will use the Hips Merchant Protocol (HMP) and Hips Merchant Gateway (HMP-gateway) over Ethereum.
Merchant Token (MTO) and USD Coin (USDC) will be the only tokens available to pay with at this time but support for other cryptocurrencies will be evaluated after the beta time period.
“The consumer-oriented features of the MTO will further allow cryptocurrency to gain worldwide mass-adoption among mainstream consumers”
HMP, HMP-gateway and the governing Merchant Token (MTO) is a solution that introduces consumer protection concepts from the traditional card payment industry to the Ethereum blockchain, among others.
“With this important partnership, Hips provides another avenue for crypto payments to have market penetration. The consumer-oriented features of the MTO will further allow cryptocurrency to gain worldwide mass-adoption among mainstream consumers,” said John Cavebring, CEO of Hips.
The two companies will leverage each other’s technologies so that consumers can easily use crypto payments at real-time transaction speeds, offering a convenient payment method not currently in use.
“We are pleased to partner with Hips, as this new payment convenience will enable taxi companies to seize more opportunities in the new economy. This partnership takes payment processing to the next frontier for transaction services,” added Staale Reiersen, group CEO of the Payment House.
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