New Partnerships Aims to Pay Taxis with Crypto in Scandinaviaby Fintechnews Baltic April 28, 2021
HIPS Payment Group, an Ireland-based provider of e-commerce and mobile payment solutions, and The Payment House, a Nordic payment processor for taxi companies in Scandinavia, announced their partnership to enable payment with crypto currency in over 20,000 taxis in Scandinavia and 10,000 taxis in the UK.
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.
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.
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.
Merchant Token (MTO) and USD Coin (USDC) will be the only tokens available to pay with at this time. Support for other crypto currencies will be evaluated after the beta time period.
“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 crypto currency to gain worldwide mass-adoption among mainstream consumers,”
said John Cavebring, CEO of Hips.
“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,”
said Staale Reiersen, Group CEO of The Payment House.
The Payment House has offices in Norway, Sweden, Latvia, and the UK.
Featured image: Screengrab from Hips.com