In-vehicle commerce: Is it worth the penny?
Vehicles have begun to function as mobile wallets as automakers, traditional payment companies, and others are coming together to seize revenue streams arising out of the connected dashboard, but only time will tell if this is sustainable
Today cars are more connected than ever, allowing for a richer array of infotainment, telematics as well as vehicle-to-everything (V2X) communication, meaning vehicles communicating with other vehicles and surrounding city infrastructure or connecting services inside vehicles for driver and passenger use. IHS Markit forecasts that by 2023, worldwide sales of connected vehicles will reach 72.5 million, representing more than two-thirds of all vehicles sold. To tap into this huge opportunity, automakers, traditional payment companies, and others are developing in-car payment services, where a driver can automatically pay for goods, parking, or fuel using their vehicle. These services allow vehicles to function as mobile wallets, adding another layer of convenience and security for drivers.