Global In-Car Payment Market and Trends: Growing Adoption of In-Car Payment Solutions is Forecast to Exceed 5 Billion Transactions by 2026

Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) — The “Global In-Car Payment Market and Trends 2023” report has been added to ResearchAndMarkets.com’s offering.

The global in-car payments market is expected to flourish, driven by the increasing shift towards cashless payments among consumers worldwide. As consumers seek comfort and convenience, in-car payment solutions have gained popularity, enabling commuters to pay for various services, such as parking fees, tolls, fuel, and more, directly from their cars. The integration of direct payment options into vehicles allows drivers to authorize payments through verification techniques like fingerprint authorization and iris recognition. The rising adoption of in-car payment solutions is projected to exceed 5 billion transactions by 2026, fueling collaborations among tech companies, original equipment manufacturers (OEMs), payment giants, fuel companies, and car parks.

Examples of In-Car Payment Offerings

Several players in the automotive industry are exploring and offering in-car payment solutions to meet consumer demand. For instance, Hyundai introduced the Ioniq 5 car model, enabling car owners to find and pay for parking directly from their vehicles. Similarly, Skoda in Europe introduced the Pay to Park system, allowing drivers to pay for parking fees from the app or the car. Tech companies are also entering the in-car payment market, with Apple’s Apple CarPlay enabling users to make payments via the car dashboard. Apple CarPlay currently allows users to pay for EV charging and order food at a drive-through. Apple has revealed its plans to expand this service to include finding gas stations, refueling the car through the screen, and paying for refueling through the car’s infotainment system.

In-Car Payment Market Growth Patterns by Region

Europe is taking the lead in adopting in-car payment solutions, with the trend towards using cars as wallets for parking, fuel, and EV charging payments rapidly growing. Initiatives like the European Electronic Toll Service aim to enable toll payments using in-car payments. Payment companies, OEMs, and parking companies are committed to offering in-car payment solutions. Apcoa, a car park in Europe, offers contactless payment solutions via the infotainment screen of the car. BMW has partnered with Parkopedia to allow car owners in Austria and Germany to find and pay for parking via the car navigation screen or the My BMW app. Mercedes has partnered with Visa, enabling users to pay for parking fees via in-car payments across 14 European nations.

Key Takeaways and Regional Insights

The report offers key takeaways and insights into the in-car payment market, including consumer interest in connected car features, preferences for in-car payments, and the competitive advantage for manufacturers. It covers regions such as North America, Europe (including the UK and Germany), Asia-Pacific (including Japan, South Korea, and China), and Latin America.

Questions Covered

The report addresses various questions, including:

• What is the forecasted market value of the connected car solutions market by 2030?
• What is the forecasted number of connected vehicles worldwide as of 2027?
• What percentage of drivers in Germany were willing to use the display of their car for making payments as of September 2022?
• In Germany, what were the most preferred car-related services for which drivers were willing to use in-car payments in September 2022?
• What were the preferred payment methods used for public EV charging in China as of October 2022?

Key Players

The report provides analysis of the following players:

• Apcoa
• Apple
• ACO tech
• BMW
• Claro Pay
• ETCP
• Gopass
• Hyundai
• IZIPAY
• Lima EXPRESA
• Mastercard
• Mercedes Benz Group
• Mercado Pago
• Nequi
• Parkopedia
• Paystay
• Porsche
• Park Zhigang
• Petrobras
• Ryd
• Skoda
• Sumitomo Corp
• Visa
• Vodafone

For more information about this report visit https://www.researchandmarkets.com/r/c793e4

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