A major innovation in the financial industry is the
introduction of car-based mobile
payments. This can be considered as the most ‘mobile’ of solutions. There
are new reports suggesting this concept is about to pick up.
According to one study, the average US driver spends
approximately 51 minutes on daily commutes to and from their workplace. When
you take into consideration a combined 64 million connected vehicles that are expected to be operational by the end
of 2019, this opens up considerable marketing opportunities, whether it is for
gas for the car or some food. However, when implementing new solutions, there
are certain expectations that must be met. For example, drivers wish that
interfaces are as intuitive as possible. Some have even suggested that the settlement
systems might be able to conduct some purchases, such as refuelling stops,
in advance.
Moreover, security will be a high priority. While a moving
vehicle may not be readily hacked, a car parked at a gas station or at a
parking for a full day at work might be a greater target. Some new techs have
already been deployed on this front. For instance, tokenisation
is a way to enhance safety. In any case, these issues will not stop
advancements of mobile payments in cars.
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cars are equipped with mobile payment systems
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