20 Indian energy firm tie-up to launch UPI-like transaction system for EV users

As many as 20 energy companies have come together to create an alliance for an open energy network called the Unified Energy Interface (UEI), a unified payments interface (UPI)-like system for EV charging.

According to an official statement by the firms dated April 19, the UEI will be linked to UPI to offer customers payment options through multiple bank accounts.

UEI is aimed to streamline payment processes and transaction compatibility across EV charging networks by collaborating with electricity distribution companies (Discoms).

The consortium includes member companies like ChargeZone, Pulse Energy, Kazam, Sheru, Trinity and Turbo, etc.

“We are a customer obsessed organisation, since the beginning days of Pulse Energy we have been nurturing the idea of an open energy network. To accelerate the world’s transition to EVs, we need interoperable systems, and do business with each other seamlessly,” said Akhil Jayaprakash, CEO, Pulse Energy.
“As the transportation sector shifts towards greater electrification, it’s crucial to ensure that EV drivers can access charging infrastructure easily,” said Raj Kumar, Executive Director, Trinity.

Reji Pillai, CEO of India Smart Grid Forum (ISGF), emphasized the potential of UEI to enable peer-to-peer (P2P) payments directly between peers while noting that utility energy wheeling charges could be levied in electricity bills by the utility.

"This is going to unleash a green energy revolution in the country, particularly with 10 million rooftop solar PV systems being rolled out on fast track under the PM Suryoday Yojana", Pillai said.

Some of the leading public policy think tanks and research organizations such as the Rocky Mountain Institute and the World Resources Institute, will also become part of the consortium in an advisory capacity to advance the initiative.

The Indian EV market which is estimated to reach USD 110.74 billion by 2029 houses various small as well as large EV startups.