US Payments Forum Resource Explores Convergence of Connected Car and Contextual Payments
REDWOOD CITY, Calif., May 02, 2024 (GLOBE NEWSWIRE) — The U.S. Payments Forum today launches a new white paper delving into the synergy between connected cars and contextual payments. It explores real-world examples and equips stakeholders across industries with the knowledge needed to navigate this evolving landscape.
By 2030, about 95 percent of new vehicles sold globally will be connected, according to McKinsey research. This increasingly digitized ecosystem has created new opportunities to automate and integrate payment processes into driver and passenger experiences. Contextual payments are one example of payment automation. These are payments that occur without the need for customers to produce a payment instrument or engage with a merchant. For example, automatic payments after services are rendered through a ride-share app, or automatic charges when a driver passes through a toll.
“Connected Car and Contextual Payments,” is a resource developed in tandem with the market’s growth to educate merchants, original equipment manufacturers (OEMs) and additional relevant parties. It is available to download free of charge on the U.S. Payments Forum’s website.
The white paper includes the following:
- Introduction to connected cars/contextual payments and the transaction process
- Examples of connected car form factors such as in-dash displays, cameras, sensors…etc.
- Outbound payments, data monetization, infrastructure and architecture related to connected car/contextual payments
- Implementation considerations, including card-not-present transactions, merchant category codes and alternative payment rails
- Potential security concerns, use cases and guidance for effective authentication within the scope of connected car/contextual payments
The white paper was created through collaborative efforts within the Forum’s Mobile and Touchless Payments Working Committee. Organizations, associations, government agencies and individuals interested in participating in upcoming Forum projects can visit the Secure Technology Alliance’s website to learn how to become a member. By joining the Secure Technology Alliance, members will have access to activities within the U.S. Payments Forum and additional Alliance-affiliated organizations.
About the U.S. Payments Forum
The U.S. Payments Forum is a cross-industry body that brings stakeholders together on neutral ground to enable efficient, timely and effective implementation of emerging and existing payment technologies. This is achieved through education, guidance and alternative paths to adoption. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on and have a voice in the future of the U.S. payments industry. The organization operates within the Secure Technology Alliance, an association that encompasses all aspects of secure digital technologies.
About the Secure Technology Alliance
The Secure Technology Alliance is the digital security industry’s premier association. Through its U.S. Payments Forum, Identity and Access Forum and its collaborative working groups, the Alliance fosters open dialogue among industry stakeholders to explore and develop secure technology innovations in the payments, identity and access markets. By collaborating on education and guidance, the Alliance helps enable efficient, timely and effective implementation of large-scale, disruptive technologies. For more information, please visit https://www.securetechalliance.org.
Contact
Sherlyn Rijos-Altman
Montner Tech PR
203-226-9290
[email protected]
