Taxis in the UK and Scandinavian countries will start accepting payments in cryptocurrencies

Mobile payment operator HIPS Payment Group and taxi ordering service Payment House will launch a solution that will allow paying with cryptocurrencies for taxis in the UK and Scandinavian countries.

HIPS CEO John Cavebring said it will use the Hips Merchant Protocol and the Hips Merchant Gateway using the Ethereum blockchain. Beta testing of the solution is scheduled to begin in November 2021. In the future, the platform will work with any blockchain that supports smart contracts, including Cardano and Solana. Thanks to the partnership with Payment House, about 30,000 taxis in the UK, Denmark, Sweden and Norway will be able to use a dedicated payment gateway to receive payments in cryptoassets.

Users will be able to pay for taxi services with MTO tokens of the ERC-20 standard, which will be issued by HIPS, as well as stablecoins USDC. It is planned to add support for other cryptocurrencies later. The protocol will be able to conduct more than 50,000 transactions per second, and the transaction value will be only $ 0.00001. It will take 400 milliseconds to create a block – enough time to pay with digital currencies even for a short taxi ride.

Cavebring said that by giving ordinary people the ability to pay for taxis with cryptoassets, HIPS and Payment House will help fuel the massive adoption of digital currencies. Both companies will work to ensure that consumers can easily and quickly pay with digital assets in real time. Payment House CEO Staale Reiersen added that the adoption of cryptocurrencies will open up more opportunities for taxi services, creating a new market with better service.

Several years ago, the Shenzhen authorities also decided to modernize passenger transportation with the latest technology. The Shenzhen administration has provided local residents with the ability to pay for public transit and taxi fares using blockchain-based applications.

You may also like