Car IQ has partnered with Visa to enable vehicles to make direct transactions with merchants and banks in the Visa network. This collaboration aims to tap into the growing connected vehicle payment market.
Facts
- Car IQ has partnered with Visa to enable vehicles to transact directly with merchants and banks in the Visa network.
- Consumers can now use the Car IQ Pay vehicle wallet to pay for fuel, tolls, parking, insurance, service, and repairs.
- The collaboration aims to serve a “large share” of the connected vehicle payment market, which is estimated to reach $600 billion by 2030.
- Car IQ’s partnership with Visa will accelerate the adoption of vehicle payments and make them a seamless part of the fleet experience.
- The Car IQ platform incorporates Know Your Machine technology to authenticate a machine’s identity for secure transactions with merchants.
- Car IQ’s platform is not limited to vehicles and can easily support payments from any IoT device.
- Car IQ foresees expanding its payment solutions to include connected smart city applications and connected homes in the future.
