EV revolution gets major boost as Europe mandates more charging stations and open-loop payments; Switchio is ready

EV revolution & Open-loop payments
EV-C Payments

In a groundbreaking move intended to jump-start the widespread adoption of electric vehicles, the European Union is introducing new rules requiring charging stations to be located every 60 km along main transport corridors. Moreover, stations will now be required to offer easy and universal contactless bank card payment options.

New rules put EV charging on track to match convenience of petrol stations

Part of the EU’s Fit for 55 in 2030 package, which aims to slash greenhouse gas emissions by 55% by 2030, the new rules will greatly diminish or even eliminate two of the most frustrating obstacles EV drivers encounter as they seek greater freedom in e-mobility: range anxiety and closed-loop charging payments. The two problems go hand in hand. Range anxiety not only arises from large distances between charging stations but also from a lack of universal payment options. After all, what good is a charging station if you can’t pay to use it when you get there?

Universal access = carefree mobility

The new rules mandate acceptance of ad hoc charging payments by credit card or contactless device without requiring a subscription. This will make it possible to pull into any charging station on any network and recharge without first having to download an app or register online. The appeal of e-mobility is further enhanced by the compatibility of modern open-loop payment platforms with fleet and loyalty card schemes.

An easy switch from closed loop to open loop

According to Switchio Product Manager Petr Martinek, the right knowhow makes integration of cEMV payments in EV charging a fast and painless process. “Switchio has long been a pioneer in the digitalization of payments, and our experience in EV charging makes us an excellent partner for deploying the technology solutions that the new EU legislation demands.”

EV Charging Stations

Key benefits of cEMV payments:

  1. Accelerated EV adoption: The easy accessibility of charging stations and simplified payment methods will persuade more people to switch to EVs, contributing to reduced greenhouse gas emissions and cleaner air.
  2. Reduced range anxiety: With charging stations available every 60 km, EV drivers can travel longer distances without worrying about running out of power, making EVs a practical choice for road trips and long journeys.
  3. Convenience and clarity: Open-loop payments make recharging as easy as refuelling at traditional petrol stations. Moreover, charging stations will be required to clearly display prices electronically, including wait times and availability.

Effecting change for a better future

The European Union’s new regulations for electric vehicle charging stations represent a significant step forward in the transition to sustainable transportation. By ensuring widespread availability and easy payment options, the EU is not only promoting electric vehicle adoption but also supporting the development of a greener and more sustainable future for all Europeans.

EV-C open loop payments
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Monet+ is pleased to announce an exciting new collaboration between two of its key divisions, Switchio and ProID. Today, digitalization and security are key to success in most types of business. This partnership represents a major milestone in the company’s efforts to advance digitalization and security to new levels, with each division providing unique experience and expertise.
We’re thrilled to announce that our Switchio platform has gained the PCI P2PE Solution and PCI P2PE DMS Component validation, putting our company among only a handful in the world to offer a PCI P2PE-validated payment solution.

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Eric W. Pitts
Eric W. Pitts
Vice President, Strategic Partnerships & Alliances