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Electric cars are automatically paying for their own recharging with Digital Asset Broker

Economy of Things

Vodafone has announced that it joined hands with MasterCard, and Energy Web, which is a non-profit organization committed to decarbonizing energy grids, to initiate the Economy of Things trial where devices are capable of communicating with each other to pay for various services.

Now, by employing Vodafone's Internet of Things (IoT) technology, electric cars can automatically pay for their own recharging. The company's new global platform, Digital Asset Broker (DAB), will allow motorists to use a single app on their smartphone or tablet which merges with their existing mobile wallet, instead of using multiple apps for each charging point network that they use, that will automatically communicate with any charging point that accepts Mastercard payments.

The latest resource, which features an encrypted and authenticated digital identity tied to the SIM card and can be built into vehicles themselves, can automatically determine the compatibility, location, pricing, and charging time of a charging point. Once the driver authorizes it, it can pay for the electricity used. Compatible charging points are now live in Newbury, Berkshire.

Vodafone Chief Technology Officer, Johan Wibergh stated:

We are building in-house new, scaled platforms for our customers across Europe and Africa. This, our latest platform, will drive the new Economy of Things where everyday objects and devices can negotiate, buy and sell services on our behalf. We are actively talking with many other companies to rapidly expand partnerships and widen the ecosystem worldwide to include other features and payment schemes.

Digital Asset Broker technology can also enable cars to find and pay for parking spaces, allow rental cars to bill for pay-as-you-go use, and allow smart energy meters to settle bills by direct debit, all of it automatically.

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