Peter O'Halloran, Head of Enterprise and Digital Commerce at Fiserv, shares insights on the challenges faced by EV drivers. With the new regulations in the EU and UK, retailers have an opportunity to enhance the EV charging payment landscape by streamlining the payment experience for drivers.
The Payment Challenge for EV Drivers:
O'Halloran acknowledges the pain points experienced by EV drivers when it comes to payment at charging points. He states, "Depending on where they choose to charge that day, drivers are forced to register for and use a range of apps for each charging point provider to manage their payments. These closed-loop payment options not only add friction but also require drivers to commit to subscriptions and higher prices to charge their car."
New Payment Policy in the EU and UK:
The EU's Alternative Fuels Infrastructure Regulation (AFIR) and the UK's draft legislation aim to revolutionize EV charging payments. O'Halloran highlights the importance of implementing more convenient and familiar payment options, such as card and contactless methods, to standardize the customer experience. He states, "Users of electric vehicles must be able to pay easily with cards or contactless devices, and crucially, without the need for a subscription. The emphasis here is to empower drivers to use barrier-free payment methods that are convenient and familiar to them."
Opportunities for Retailers:
Beyond addressing the challenges faced by drivers, O'Halloran underlines the opportunities for retailers in optimizing the EV charging payment experience. He emphasizes, "Those who offer the simplest experience and a wide choice of payment options can attract new customers and increase dwell time in-store, with the potential to generate even more turnover." He also sees the potential of loyalty schemes, stating, "Payment providers that can deliver easily integrated, customer-friendly solutions have an opportunity to effectively elevate the role EV charging payment plays for retailers in the drive for revenue and increased customer loyalty."
The Role of Payment Providers:
Payment providers such as, Fiserv, play a pivotal role in simplifying the payment process for EV drivers and retailers. O'Halloran emphasises this by stating, "Payment providers have an important role here to ease the burden for retailers, but also to help them capitalise on the opportunity ahead." He highlights the need for payment providers to deliver integrated, customer-friendly solutions and navigate the complexities of legal and technological requirements.
By addressing the challenges, embracing the new regulations, and leveraging opportunities for retailers, we can create a seamless and convenient EV charging payment landscape that encourages the widespread adoption of electric vehicles.
You can read this article at the following two publications:
EV Magazine - Fiserv: Shifting Gears on Electric Vehicle Charging Payments
FinTech Magazine - Fiserv: The Future of Payments in Electric Vehicle Charging