Mastercard is working with the EV ecosystem to address fragmentation in charging payment experiences, advancing technology and establishing common payment standards.

Despite speculation about the slowdown of EV adoption, global sales of fully electric and plug-in hybrid vehicles rose by 25.6% in 2024, reaching over 17 million units.

In North America, sales increased by nearly 9%, supported by expanding public charging networks, improved battery performance, and government incentives.

However, inconsistent payment systems remain a challenge, with car manufacturers and charge point operators using proprietary platforms.

To address this, Mastercard is advocating for an open-loop payment system, enabling drivers to use contactless cards, digital wallets, or wearables at charging points without requiring additional apps or accounts.

This approach mirrors the transformation seen in public transit systems, where tap-to-ride payments have streamlined passenger experiences.

“Today, the global language is digital, but a lack of common digital standards can hinder innovation and counteract efforts to build a stronger, more inclusive global economy,”

said Jennifer Marriner, Executive Vice President for Global Acceptance Solutions at Mastercard.

“Making EV charging payments open loop is a critical step towards real interoperability and ubiquitous access for drivers.”

Mastercard is working with partners to expand contactless charging infrastructure and support standardisation efforts such as ISO 15118, which facilitates smart charging and Plug & Charge technology.

The company recently partnered with Norway-based auto technology firm DEFA and its subsidiary Hyfer to integrate open-loop payment solutions into EV charging.

Featured image: Mastercard