Driving Innovation: Payments in the Growing EV Charging Industry

With so many events happening this month, we made sure not to miss the chance to attend the Interchange Network Conference (ICNC24) in Berlin and look at how payments are changing in the fast-growing EV charging industry. The event was a massive gathering of thought leaders and innovators in the eMobility space, with over 5,000 participants.

As the EV charging ecosystem continues to expand, the role of seamless and secure payment solutions is becoming increasingly critical. At PaymentGenes, we were excited to engage with industry leaders, share our expertise, and discuss how the evolution of payments is driving innovation and growth in the sector. It was an event for connecting with key players and shaping the future of payments in the EV charging industry.

“Europe’s electric passenger car fleet has now reached nearly 6 million vehicles. Over the past three years, this fleet has been growing rapidly, expanding by around 75% each year.” Mastercard and PaymentGenes, EV Charging Payments, 2023.

‍Trends Shaping the EV Charging Industry

Europe's electric vehicle (EV) market is growing at an unprecedented rate. In fact, Europe's electric passenger car fleet has nearly reached 6 million vehicles and is expanding by about 75% each year. This rapid growth demands payment solutions that can keep up with the speed of innovation and ensure smooth customer experiences.

Key Trends from ICNC24:

• Hubject’s Financial Services Launch: Hubject announced the launch of its new financial services offering. With this suite of solutions, supporting the settlement of funds between eMSPs and CPOs, Hubject its services are moving in the direction of the global payment schemes that also facilitate authorisation, clearing and settlement
• Multi-Rail Payment Models: The biggest exhibitors and sponsors are the Chargepoint Management Systems (CPMS) like LastMileSolutions and Ampeco which seem to be unimpacted by the overall slow-down of the industry. They embrace a multi-rail approach where open- and closed loops co-exist and both provide a valuable business model to the CPMS
• Plug & Charge Evolution: Plug & Charge seems to move from something for the distant future to something for the near future. Various solutions for the integration and management of ISO15118 were showcased. However, there appears to be a long road to mass adoption.
• CPO Business Model Optimization: CPO business model optimisation is a top priority. Following the overall slow-down of the industry, the focus shifts from pure growth to business model optimisation. Various platforms focus on just that, providing the highest ROI on a charger level. 

Leading the charge for PaymentGenes at ICNC24 was Bas Donselaar, our Head of Consultancy, who took part in insightful discussions about the future of payments in EV charging. He’s eager to share some of the most important trends and developments from the event. Reflecting on the conference, Bas shared:

“ICNC traditionally brings together the international roaming ecosystem to discuss innovation and interoperability. It struck me that players are increasingly embracing open-loop and the potential added value of embedding financial services. This ecosystem is really moving from two opposing positions, open vs closed loop, to integration of the multitude of valuable payments and financial services” 

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‍How PaymentGenes Unifies Payments & Mobility

At PaymentGenes, we understand the importance of merging payment innovation with the mobility industry. As mobility-as-a-service (MaaS) continues to expand, the payments sector must adapt in parallel. From managing high-volume transactions to integrating new forms of payment, our expertise helps businesses streamline their payment solutions in the eMobility space.

For more insights or to discuss how we can support your payment solutions, reach out to Bas Donselaar, our Head of Consultancy.

Check our Mobility consultancy services here.