EV Payment Solutions

The power of choice

One of the biggest concerns for drivers considering the switch to EVs is the ease of charging publicly. The EV charging market is currently saturated with multiple payments services and charging point operators (CPOs), which often means consumers get an inconsistent experience and may not even be able to charge. By enabling CPOs to accept multiple payment types, in addition to their proprietary options, Visa removes one of the key barriers consumers face when deciding to switch to an EV.

Complementary solutions

Whether it’s for slow or fast charging, EV owners will have the choice to use multiple payment options.

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Open-payment and closed loop models

The use of electric vehicles (EVs) is growing rapidly, and as charging infrastructure grows to meet demand, the EV charging payment experience varies greatly. There are two common models for Electric Vehicle charging, open-payments and closed loop. Visa supports both and recommends open-payments, which benefits all players in the Electric Vehicle charging payments landscape by providing consumers with a frictionless experience and charge point operators with cost-efficient interoperability. The open-payments model provides a ubiquitous solution that anyone can use.

The benefits of open-payments

Card-present open-payment model may help provide a seamless experience for Electric Vehicle owners, where they can use their Visa debit or credit card or digital wallet to pay for EV charging. Moreover, open-payment model helps promote interoperability and allows consumers to use their Visa debit or credit card at Electric Vehicle charging points with the same confidence or convenience as for any other purchase.

Whether its Visa full acceptance (terminal that includes magstripe, chip terminals and contactless) or Visa Contactless-only (terminal has contactless device only*), these models help simplify Electric Vehicle charging payments.

New merchant code category (MCC) for electric vehicle charging

In 2019, MCC 5552 for EV charging was created to enable EV charging transactions to be tracked separately from other similar transactions, such as petrol fuel, parking, or utilities. There are three different MCCs that may apply to EV charging. Visa recommends proper classification to avoid issues from misclassified transactions, including transaction declines, disruption of EV charging rewards benefits that lead to customer complaints and the inability to track industry growth.

Electric vehicle charging MCC scenarios

• EV charging (MCC 5552): Public EV Charging or in cases where multiple transaction types are occurring (e.g., parking) and the majority of the volume is EV charging
• Parking (MCC 7523): Parking transactions or in cases where multiple transaction types are occurring (e.g., EV charging) and the majority of the volume is parking
• Home and residential charging (MCC 4900): Private EV charging at a residence will use the existing Utilities MCC (4900)

Flexible authorization model

Currently, three primary payment models exist in EV Charging: Pre-Pay, Post-Pay and Flexible Authorization Models. Visa recommends using the flexible authorization model when deploying EV solutions, as it helps provide a seamless customer experience for vehicle owners.

How it works:

• Charging starts with an estimated amount sent for approval, and the final transaction amount is adjusted based on actual usage.
• Any differences between the estimated and final amounts are either partially reversed or incrementally authorized, ensuring accurate billing.
• This flexible model allows better risk management for merchants and ensures issuers can efficiently manage consumer balances.

Learn more about Visa Electric Vehicle charging

Download the EV brochure
*Alternative payment option must be available for cardholders without contactless card (e.g., mobile app).