NMI: EV Infrastructure & the Importance of Seamless Payments
Electric vehicles are soaring in popularity in Europe, a sentiment which is quickly spreading to the US, due to the roll-out of new electric models. 40% of Americans say that they are either ‘very’ or ‘somewhat likely’ to purchase an electric vehicle as their next car.
But before electric vehicle drivers can take to the road, the charging process must be quick. In addition to increasing the number of charging stations being built, NMI’s Peter Alcock argues that it is vital to integrate payments into these systems for a simple transaction process.
Driving EV adoption with seamless payment experiences
Alcock has over 20 years of experience in the payments and self-service space and has experienced the UK’s EV boom.
He believes that an easy and successful payment experience is critical for electric vehicle consumers, as well as ensuring that all charging stations can be ready to implement new payment technology, like mobile payments and digital wallets.
“With US state governments setting roadmaps for the wider adoption of electric vehicles in the US, the charging station infrastructure needs to be ready,” Alcock says. “That means transactions at those stations should be quick and seamless for EV users. The user interface at charging stations needs to be intuitive since EVs are still new and many people don’t have experience making a payment at a charging station.”
In addition to traditional credit cards, EV charging stations must be able to accept new payment technologies.
“Convenient payment experiences at charging stations are key to the wider adoption of EVs in the US and these can be accomplished by offering consumers’ preferred payment methods as 30% of consumers have made a payment using a mobile wallet in the last six months and 45% have used a payment app (like Venmo or PayPal) for an in-person purchase in that same timeframe,” Alcock adds.
Navigating regulatory changes in payments with NMI
It’s vital that payment providers are ahead of the game when it comes to regulation and compliance. Our sister magazine, Fintech, further explored this subject with NMI’s Darryl Cumming, Director of Product Management.
“At NMI, our focus is very much on helping to automate as many of these initial early warning indicators as possible,” he said. “We want to help your risk analysts focus on the items that really require their true expertise and attention, after it has been initially flagged.”
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