The world is becoming increasingly connected. Billions of machines and devices are generating enormous amounts of data and this is set to increase exponentially. At the same time, the digital euro is gaining traction and is set to become part of traditional payment systems relatively soon. The two are not yet compatible. This partnership aims to solve that.
A large amount of machines and devices are not compatible with traditional financial services due to, among others, the limitations of today's non-programmable money, non-compatible payment engines, missing bridges between programmable money and banking systems, and the lack of appropriate Distributed Ledger Technology Infrastructure powering to power these services.
CashOnLedger and peaq have joined forces to address these issues. The partnership aims to set the Economy of Things (EoT) in motion by allowing traditional and fully regulated financial systems to seamlessly integrate with the machine economy by leveraging CashOnLedger’s payment bridge on top of peaq’s Distributed Ledger Technology.
The joint solution will enable machine-to-machine payments and pay-per-use business models using fully regulated, programmable money and self-sovereign identities based on peaq’s DLT. It also enables a direct integration of the e-euro as a payment method on peaq’s DLT. The digital euro is currently being discussed by the European Central Bank as the fully digital payment method of the future.
“We are very excited about this partnership as it completes our solution offering. By using peaq’s distributed ledger infrastructure, CashOnLedger will leverage peaq’s identity solution to provide machines access to financial services. Together, with peaq we will shape the machine economy.”
Serkan Katilmis, CEO, CashOnLedger
CashOnLedger’s solution is already successfully integrated with Lindner Traktorenwerke where it enables usage-based rental of tractors (Pay-Per-Use). It allows customers to save up to 25% on rental costs per hour of service. peaq’s technology is in mass production stage with a German automotive group as the basis for an e-mobility platform that solves the fragmented charging infrastructure problem. peaq’s technology allows car manufacturers to assign self-sovereign identities to their electric vehicles and charging stations to vastly improve charging processes.
"We are very excited to have CashOnLedger as a partner in the growing peaq ecosystem. Integrating CashOnLedger with our DLT infrastructure represents a potentially huge advantage for any company that needs digital identities for their machines, vehicles and devices as it allows them to interact and transact in an efficient and fully regulated manner using programmable money."
Till Wendler, co-founder, peaq
The joint solution will allow electric vehicle users and machines a seamless payment experience without the need for any new, untested payment methods. CashOnLedger and peaq plan to complete the planned integration and offer the joint solution to existing and future customers as soon as possible. CashOnLedger's recently launched development partnership with LBBW could be an interesting first joint approach for the solution.
CashOnLedger uses programmable money to enable our clients to execute fast, automated and transparent transactions. With our payment engine, we orchestrate & coordinate payments based on the usage of a machine, vehicle or service. Working together with leading organizations such as LBBW, Infineon, Fujitsu, R+V as well as several financial institutions. CashOnLedger provides a robust technological solution to not only reshape industrial manufacturing, but connect it to financial services.
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