It is the year 2021, and everyday tasks like cleaning the floor (Roomba), checking the time or the weather (Amazon Echo or Google Assistant), and transferring money for last weekend’s brunch (PayPal) have been replaced by new technologies.
Even the trucking industry and fleet companies worldwide are using technology to record a driver’s time of service through mandatory ELD. The same companies also advocate for virtual payment solutions, such as fleet cards and fuel cards, as a critical aspect of their business payment systems. We live in a world where the fundamentals of virtual reality are improving business and many are realizing that virtual cards are just the beginning and cryptocurrencies are on the rise.
Virtual payment cards are similar to traditional debit or credit cards that are created entirely online with a 16-digit number, card verification code, and expiration date. They work similarly to conventional credit or debit cards, without a physical card in hand.
In the fast-paced world that we live in, electronic payments are not just the norm, they are vital, and while we can dismiss digital currencies as a viable payment solution, many companies recognize them as a real and viable advance. As the name suggests, digital currency is money without physical properties. Since it is neither a banknote nor a currency, it allows instant transactions and a wide and unlimited transfer of ownership.
In addition to being used for payments, digital currency can also be transferred, stored, or traded electronically. In fact, Bitcoin and other altcoins are on a high threshold today. When it comes to accepting cryptocurrencies, various transportation companies are already accepting payments via digital coins.
Global Air Ambulance is one such organization that accepts digital currencies for flight attendants, ambulances, and long-distance ground transportation. They are the first ambulance company to accept BTC digital currency as a payment.
Tesla, the world’s largest automotive company by market capitalization of 1.5 billion bitcoins last month, now accepts bitcoins from customers to pay for vehicles.
TruckPay, a cloud-based freight service, is another transportation service that creates jobs (loads), finds capabilities, receives bids, and digitally pays its subcontractors and suppliers. The company announced that soon they would accept major digital currencies such as Bitcoin, Dogecoin, Ethereum, and Solana to facilitate payments through the TruckPay app and MyTruckScale platforms.
Lyft, Uber’s biggest competitor in the car-hailing arena, also offers its customers the option of using a cryptocurrency, but only for a certain group of customers. In 2019, the company partnered with Solve.Care, an IT startup focused on building blockchain-based healthcare infrastructure. One of its products is Care.Wallet, an application that helps people manage their medical appointments, access information on prices for medical services, and track and share their vital signs. People using this app can schedule Lyft trips to a hospital or pharmacy and have the option of paying with Solve currency, the startup’s cryptocurrency.
What Else Is To Come?
Let’s wait and see which industries are going to take part in advanced technologies…