- May 3, 2022
EV Charging Payment Methods
EV charging payment methods of transportation have and always will be evolving, but the push for electrical and alternative-fueled vehicles in the last 5 years has been unlike anything the world has seen.
In the last year alone, most of the major vehicle manufacturers in the world have committed to transitioning ICE (internal combustion engine) vehicles over to electric, and a small portion to hydrogen.
Currently, it is estimated that 1 in every 250 (2.2%) vehicles on the road globally are electrical vehicles (EVs). With the rise in EVs on the road, comes growth in infrastructure, specifically the EV charging stations.
There are about 100,000 traditional gas stations and about 113,600 EV charging stations in the USA alone. The current administration in the US is attempting to increase the number of EV charging stations by at least 500,000.
EV charging payment methods with cashless solutions
Most of the current EV charging payment methods are utilizing contactless card reading technology. Albeit it, the largest charger manufacturer in the US that has chosen UIC’s EV charging payment method is using their own closed-loop payments systems, but the technology of the payment method remains the same.
Application-based payment systems can be downloaded onto a user’s mobile phone, and the UIC contactless reader embedded in the charging stations captures the user account information that is integrated into the charging systems infrastructure and systems, allowing for a seamless, and secure transaction by sending encrypted account information throughout the system.
This type of EV charging payment method has been adopted worldwide and will only continue to grow as the demand for this market increases exponentially in the coming years worldwide. We are very proud to be a key provider of this type of EV charging payment method to the industry.