“In-vehicle payments” is currently evolving at an incredible pace, providing drivers the opportunity to use their cars as a means of payment while simultaneously becoming a very promising business opportunity in the automotive industry. As in-vehicle commerce becomes ever more convenient, the customer demand for in-vehicle payments is increasing as well. A study conducted by TechInsights reveals that 56 percent of drivers globally rank in-car payments as a top priority when it comes to connected car service features.
To capture this additional value, automakers around the globe are beginning to tap into the world of financial transactions and accelerate the development of in-vehicle payments. However, despite the positive outlook, the ecosystem for in-vehicle payments remains fragmented. In addition to explaining the current status quo of the in-vehicle payment market, this article provides key insights into what is needed to facilitate a thriving ecosystem and how market players can enjoy success in this newly emerging field of business.