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Pay for the taxi ride with cryptocurrencies?

Updated: Mar 28

Pay for the taxi ride with cryptocurrencies?

A new project is underway in England and Scandinavia that connects thousands of taxis to Ethereum.

Pay for the taxi ride with cryptocurrencies? What sounds like a dream of the future is taking shape in England and Scandinavia. The HIPS Payment Ltd, a provider of e-commerce and mobile payment, has entered into a partnership with the payment for Scandinavian taxi companies, in order to connect the taximeter to Ethereum. The model will first be checked in a beta version in Great Britain before it could also make the rounds in other countries.

Ethereum As A Settlement

The solution is based on the Merchant Protocol from Hips and is initially based on the Ethereum, but is also compatible with other smart contract-based systems. The system is optimized for transactions that were created for PSP, according to the associated whitepaper. The only payment chances are initially only the Stablecoin and the Merchant Token. The integration of further cryptocurrencies should take place after the beta phase, according to the corresponding press release.

The model is representative of creeping crypto acceptance in broad payment transactions. Probably the biggest boost was the adoption by payment provider PayPal, which has been enabling US merchants to make crypto payments with Bitcoin, Ethereum for a good two months. PayPal CEO recently indicated how high the demand is during a blockchain. The crypto checkout is heading for a trading volume of 200 million dollars over the next few months.

Cryptocurrencies are gradually on the threshold of mass adoption. The services of the payment sizes have so far been limited to the market. As soon as the solutions reach the European market, the adoption should accelerate rapidly. The taxi model thus shows the gradual motorization of crypto acceptance.

The contents of this article are for informational purposes only and are not investment advice.

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