The Partnership Facilitates Cryptocurrency Payments for Taxis

The Partnership Facilitates Cryptocurrency Payments for Taxis

31/05/2021 by Koinal
With the new year, we have seen that companies, one after another, recognized the significance of cryptocurrencies in the market and they started enabling transactions with cryptocurrencies.
The Partnership Facilitates Cryptocurrency Payments for Taxis

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Recently a new partnership has been announced between HIPS Payment Group and The Payment House. Thanks to this partnership, 20.000 taxis in Scandinavia and 10.000 taxis in the UK will soon start accepting payments with crypto money. 

HIPS Payment Group is a company that provides innovative mobile payment and e-commerce solutions. The firm launched a new cryptocurrency, Merchant Token (MTO), last month. This has been introduced along with Merchant Protocol (HMP) and the HIPS Merchant Protocol Gateway (HMP-Gateway). All these features aim to provide the consumer with protection, which is the missing part of the crypto payments so far. The company believes that the introduction of these protocols will increase the adoption of cryptocurrencies among mainstream consumers.

Payment House is a Norway-based global company that delivers payment solutions to its customers from a wide range of business sectors. Through its mobile payment solution “eeZee pay”, customers can access a variety of products and services. The company is also effective in processing payments that are made for taxi services.

The partnership will offer a solution for taxi payments in Scandinavia. It is expected to be introduced to the market in beta in November 2021. Thanks to the innovative services of HIPS Payment Group, the new payment method will use HIPS Merchant Protocol Gateway (HMP-Gateway) and Merchant Protocol (HMP) over Ethereum.

In the beginning phase, the only available tokens in the payment process will be Merchant Token (MTO) and USD Coin (USDC). However, the beta period will also be the evaluation period for the applicability of the other cryptocurrencies. It is expected that the range of options will be enlarged after this period.

In this new currency, as stated above, the focus is on the needs and concerns of the consumer. One of the few advantages of the traditional payment industry over the cryptocurrency blockchain system was the aspect of consumer protection. With the new protocols that HIPS introduced, the consumers will be provided with strengthened security in their transactions and thus it is expected that the cryptocurrency will be adopted by mainstream consumers worldwide.

CEO of HIPS, John Cavebring, said, “With this important partnership, HIPS provides another avenue for crypto payments to have market penetration”. Payment House group CEO Staale Reiersen stated that they 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”.

It is crystal clear that this partnership will be beneficial for both companies in terms of technological innovation and consumer attraction. Thanks to this partnership, consumers will be able to make their payments with cryptocurrency at a real-time transaction speed.

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