Mobile payment company HIPS has partnered with Nordic to allow taxis in the United Kingdom and Scandinavia to accept cryptocurrencies via the Ethereum blockchain, according to the report.
The deal and the new partnership mean 10,000 taxis in the UK and 20,000 cars in Scandinavia can use the payment gateway after it debuted in a beta test last November.
The platform will initially accept HIPS ‘“MTO” digital currency, which is issued on Ethereum according to the ERC-20 standard, and the Stable Digital Currency (USDC).
According to the announcement, cryptocurrency support for smart contracts is also coming.
HIPS CEO, John Kaffbring, stated:
We think the consumer-oriented features are the missing.
We believe MTO is the missing piece of cryptocurrency payments to achieve market penetration and mass adoption among ordinary consumers.
The system, which includes the “HIPS” protocol and the “HMP” payment platform and its digital currency, is described as a solution that introduces consumer protection concepts when using traditional card payments.
Crypto Push Boom:
The “HIPS” system joins a group of payment solutions that allow the use of cryptocurrencies as a payment mechanism for everything from subscriptions to “TIME” magazine to the purchase of vegetables and fruits.
In November 2020, Paypal took a pioneering step in offering cryptocurrency payments by supporting Bitcoin and other cryptocurrencies.
The HIPS payment system was launched earlier this month and is designed for any blockchain that supports smart contracts, which means that in the future it will not only use Ethereum but also Cardano and Solana …
Where the advertisement for the payment service carried the meaning:
The protocol has real-time transaction convergence speeds, not only built for Ethereum, but on Solana, which was described in the statement as an extremely fast public blockchain that can support more than 50,000 transactions per second, with block processing times of 400ms and a transaction cost of About $ 0.00001 USD.