Car IQ partners Visa to enable in-vehicle payments
Car IQ has partnered up with Visa to enable vehicles to transact directly with merchants and banks in the Visa network.
Car IQ partners up with Visa
Through the new partnership, consumers will now be able to pay for fuel, tolls, parking, insurance, service and repairs through the Car IQ Pay vehicle wallet.
The wallet enables vehicles to have their own payment accounts, through which payments can be made directly to merchants without the need of a physical card. Both companies say the collaboration will allow them to serve a “large share” of the connected vehicle payment market, which is estimated to reach $600 billion by 2030.
“Our collaboration with Visa allows us to accelerate the adoption of vehicle payments and make them a seamless part of the fleet experience today, and the consumer experience in the future,” says Sterling Pratz, CEO of Car IQ.
“Our vehicle wallet allows banks and merchants to trust payments from vehicles, as well as any other IoT device, over the Visa network.”
The partnership also leverages Car IQ’s Know Your Machine technology, which authenticates a machine’s identity to enable it to transact with merchants.
Pratz adds that while its first wallet initiative is focused on vehicles, its platform can “easily support” any IoT (Internet of Things) device payment.
“We are already seeing interest for connected ‘smart’ city applications and believe the connected home will be next,” says Pratz. “In the future, I believe everyone will have the choice of adding their cars, home appliances, and more, directly to their bank account to transact.”
