Ethereum NewsWorld News

10,000 taxis in the UK use Ethereum for payment

More than 10,000 taxis in the UK will be able to receive digital currencies through two payment platforms. This payment method starts with Ethereum blockchain and then expands to other smart contract blockchains.

to the the report In a statement issued Monday, HR and The Payment House announced a partnership to enable the acceptance of Ethereum China-based digital currencies for taxis in the UK and the region. Scandinavia have begun.

Creating such a platform means that 10,000 taxis in the United Kingdom and 20,000 taxis in the Scandinavian area (Denmark, Sweden, Finland and Norway) can use it after launching the beta phase of this payment gateway in November this year; This means that about 30,000 taxis in Europe will benefit from such services.

According to the announcement, the platform will initially accept the MTC Merchant (MTO) token, which is an ERC-20 token based on the Ethereum and StableCoin USDC, and then extend it to other digital currencies.

John Cavebring, CEO of HPP, said:

We believe that the MTO token customer-centric capabilities are the missing link of digital currency-based payments for market penetration and mass acceptance among mainstream consumers.

The system, which consists of the HP Merchant Protocol, the HMP-gateway platform and its tokens, is described in the announcement as “a way to transfer consumer protection concepts from the traditional card payment industry to the Ethereum Blockchainchain.”

The HP system integrates with a wide range of payment solutions to enable the use of digital currencies for all types of payments, from Time Magazine subscriptions to the purchase of organic vegetables.

In November 2020, PayPal pioneered the field by launching payments with Bitcoin (BTC) and other digital currencies.

Launched in April, the HP system is designed for blockchains that support smart contracting; In other words, in the future, in addition to Ethereum, it can use Cardano, Solana, etc.

In fact, this protocol, whose transaction speed is “almost instantaneous”, is built on Solana in addition to Ethereum.

According to the announcement, Solana is “a very fast public blockchain that can support more than 50,000 transactions per second. “Its block time is 400 milliseconds and its transaction fee is approximately $ 0.00001.”

Such a speed is enough for the shortest taxi route.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button