The newest market for payments might surprise you. Payments have and continue to evolve considerably. Watches and fitness trackers, for example, now have payment capability. This has led to the thought, why not cars too?
Cars are getting smarter and smarter, thanks to the internet and the numerous apps that continue to make it easier and easier to be connected. This 100-year-old machine has now become to the object of exploration and improvement. Research is now being conducted to see what advantages in-car payment can offer all involved.
The Jacksonville, Fla. – based Fidelity National Information Services Inc. (FIS) is currently exploring new ways for consumers to make payments. The biggest focus is on in-car payments. What role can an in-car payment have? Should it be linked with a smartphone, or should it stand alone? These are just a few of the questions the company is looking into.
At the moment, the lab is still in the early stages of exploring what it is they are going to build. One option being examined is working with a fuel retailer; this technology would allow the consumer to authorize the pump and begin the fueling process before even stepping foot outside the car.
This capability can be utilized through a car app. The question now is whether it should be a standalone app within the car’s entertainment system, or should it be an app that requires and uses a smartphone? It would seem that the options are endless. It all lies with what the lab decides to research and develop further.
Many vehicles already offer drivers connectivity. For example, many Chevrolet models offer 4G LTE connectivity. In addition, the United Kingdom edition of the BMW Group’s Mini compact car can be purchased with an in-dash app that helps you find parking spots. Once a spot has been located, it can be paid for using a connected smartphone.
In the end, automobile companies will have a big say. Whatever in-car payment is developed will have to be compatible with the automation platform that the manufactures have in place. In a world where apps, smartphones and payment options are constantly evolving, it feels as though the options are endless.
Alternative payment solutions make life so much easier for consumers. They can also make business transactions smoother and more efficient for merchants as well. Merchant accounts, for example, have given businesses a safe, efficient and alternative means of processing transactions, especially for businesses that have a hard time qualifying with traditional lending sources. As technology continues evolve, more and more merchants and consumers will likely be taking advantage of alternative payment solutions.