Published: 19 April 2023
Vehicle-based payments hold promise for expanding the potential of cars as machine customers and creating new convenience and security features for consumers. CIOs working on technologies to support payments need to meet four technical requirements for a payment system.
New forms of digital wallets or payment methods have struggled unless they offer a clear benefit in terms of ease of use, while meeting security standards.
The required technologies and payment ecosystem are within reach because of the proliferation of connectivity, biometric identification in vehicles and better localization technologies, but retailers and service providers still need to accept payments broadly for in-vehicle payments to flourish.
Easy-to-use, in-vehicle payments could create a new level of convenience for car owners and also simplify the transition to a vehicle-miles-traveled taxation system.
CIOs must:
Solve the so-called “chicken and egg” problem by seeking retailers or
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