Behind each transaction between a driver and an EV charging station, there is a world of financial tech making it happen. From traditional pay-on-the-go methods and physical charge keys, to digital wallets and seamless transactions, payment systems for EV charging will keep evolving with the times.
So how do you know which system to pick? Which one will help you scale your EV business? Is there a system that actually keeps transactions transparent and secure?
From Pay-Per-Charge to Digital Wallets
Pay-Per-Charge Models
The pay-per-charge model is most similar to how drivers have been paying at the pump for years. Like gas stations, most charging stations accept debit and credit cards—physical or contactless—at individual chargers or centralized payment terminals.
While pay-per-use chargers in high-traffic areas can quickly turn a profit for turnkey providers, this no-strings-attached payment method adds up fast for EV drivers. Plus, there is no incentive to return to the same station or network.
RFID cards
Sometimes called EV charging cards, tags, or charge keys, Radio-Frequency IDentification (RFID) cards have been a good stepping stone as payment systems evolved.
Once a driver receives their RFID—which often looks like a key FOB or credit card—they have to top it up with money. Similar to a contactless payment, they scan their RFID at a compatible EV charging station and scan again when they’re done.
Many EV owners use RFID cards, and they’re also a convenient option for fleet drivers. Monta offers drivers their own RFID charge keys, allowing them to start charging sessions without relying solely on their smartphone. This makes the charging experience more flexible and convenient at home and on the go.
But without a user-friendly app to accompany the card, drivers can’t take advantage of energy- and money-saving features like dynamic pricing and load balancing.
Digital Wallets
There is one virtual payment system that works seamlessly with EV charge subscriptions and removes the need for physical credit, debit, or RFID cards: digital wallets. This EV payment method tackles some of the biggest pain points for drivers and providers—especially where security is concerned.
Without digital wallets, network operators and turnkey providers often struggle to access their funds quickly, since the money is held by third-party providers. And without transparency into payment transactions, providers can’t always be sure that their customers’ funds are protected.
Powered by JP Morgan Chase Bank, the Monta Wallet cuts out third-party providers and manual financial processes, and it reduces the risk for non-compliance within and across state lines. Wallet owners—be it EV drivers or operators—also have direct access to their funds at any time.
Bonus: Digital wallets also work with the latest AutoCharge and Plug&Charge technology.
How digital wallet solutions help you scale your EV business
When shopping for EV payment solutions, keep in mind that digital wallets should be designed to grow with your business. The best ones help you manage growing transaction volumes and mitigate risks in unforeseen events, without compromising security or efficiency.
With the Monta Wallet your business has:
- Immediate access to funds - Maintain cash flow and operational efficiency without delays typically seen with third-party payment providers.
- A secure and compliant financial solution - Powered by specialized accounts at JP Morgan Chase Bank, Monta Wallet is fully compliant with US financial regulations.
- No more administrative burdens - The solution streamlines financial operations and reconciliation processes so you can focus on your biggest goals: keeping customers happy and growing your business.
How your customers benefit from using digital wallets to pay for EV charging
Customers in the EV sector have come to expect flawless payment solutions, and fintech solutions are the backbone of that. They help your business say goodbye to outdated, manual processes, improve operational efficiency, and build genuine customer loyalty.
With the Monta Wallet your customers gain:
- Protected funds - Your customers’ money is protected and managed transparently between your digital wallet and theirs, ensuring peace of mind for everyone involved.
- Confidence and trust - They can rest assured that Monta’s digital wallet payment solution is secure and compliant with financial regulations across all US states.
- An opportunity to save money - By offering your customers charge subscriptions with loyalty discounts, you gain repeat customers while they save money. Plus, without third-party involvement, transaction costs are lower.
At the end of the day, network operators and turnkey providers are looking for secure and compliant solutions, EV drivers expect a painless and intuitive experience, and both want their money to be handled securely.
So while many payment systems do exist for EV charging, a sophisticated and scalable digital wallet solution may be the most transparent and cost-effective way for you and your customers.
