Payments provider Visa has formed a strategic partnership with European EV charging platform Last Mile Solutions aimed at fast-forwarding the innovation of open loop payments in e-mobility.
The partners say that, by making the EV charging experience simpler and safer, their colloboration will further accelerate EV adoption.
Many charging payments currently rely on closed loop payment technologies, such as RFID-based charge cards or key fobs, which leaves the ecosystem exposed to a rising number of fraud cases. New, reliable payment solutions are needed to keep the e-mobility infrastructure safe.
Now, Visa and Last Mile Solutions plan to combine their expertise in digital payments and e-mobility energy transactions, to innovate secure and integrated payment solutions.
The partners believe that in the future, open loop technology is the most prominent payment method in the e-mobility sector. They add that open loop payments, enabled by globally accepted EMV-technology, are a safer payment technology to tackle fraud. In addition to safety, they can offer a more seamless payment experience for partners and end-users.
As a first step, the companies are working to develop future-proof payment solutions, especially for fleet operators, who struggle with multiple payment technologies and cost control. Built on Visa Fleet 2.0 protocol, the new solution will help simplify and secure the EV payment process.
“The industry needs to continuously innovate in payment solutions to keep the e-mobility payment market future-proof, user friendly, and secure. That’s why we’re proud and excited to partner with an industry-leader, Visa, and bring an integrated payment solution to the market together. It will combine the benefits from both open and closed loop ecosystems, while also offering value-added services,” states Luuk van Kuik, strategy director at Last Mile Solutions.
Richard Campion, head of fleet & mobility, Visa Europe says: “Delivering great customer experiences is at the heart of what we do, so it’s fantastic to partner with Last Mile Solutions. Our joint innovation makes paying for an EV charge quick and simple whilst providing fleet managers with the information they need to manage their commercial vehicles, something we’re incredibly excited about.”