Hips, a provider of e-commerce/mobile payment solutions, and The Payment House, a European-based payment processor for taxi companies in Scandinavia, today announced a partnership, which will enable payment with cryptocurrency in over 20,000 taxis in Scandinavia and 10,000 taxis in the UK.
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.
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.
Merchant Token (MTO) and USD Coin (USDC) will be the only tokens available to pay with at this time. Support for other cryptocurrencies will be evaluated after the beta time period