VISA launched its VISA Token Service to help maintain their customer’s digital payment service while protecting their information from possible fraud.
According to Visa Corporate Tumblr, A growing number of consumers are now expecting carmakers to gear towards commerce while in their automobiles. A recent study released by Visa and PYMNTS.com found out that at least 135 million commuters in the United States spent more than $210 billion a year on gas, food, and grocery pick from their everyday drive.
“Superior payment integration is crucial for fostering the transformation of drive time into buy time. Visa is already pioneering in-vehicle payments for items like parking, tolls, and gas, with the Visa Token Service at the foundation for ensuring secure transactions,” Visa Corporate Tumblr.
Will CarCommerce become a reality?
VISA is working with Gentex, a leading supplier of connected car technologies, which will let drivers pay for fuel by tapping in the Visa icon on their vehicle’s touchscreen device.
According to PYMNTS.com, almost 135 million U.S. adults drive their car to go to work. During this time, drivers are already making $212 billion worth of revenue in commerce as they go along their day.
At least 40 percent of these commuters consume $18.7 billion worth of caffeine, while the other 54 percent pay for food, which is now driving $47.3 billion revenue in eCommerce each year.
Honda teams up with AutoNavi to develop services for connected cars
Honda is now partnering with Alibaba Group Holding’s AutoNavi to create new services for connected cars. Both companies are aiming to develop a service that will let drivers make reservations by using AutoNavi and pay the transactions using Alipay, Alibaba’s own version of a mobile wallet.
Several companies have also formed partnerships with automobile makers to take advantage of this opportunity. Recently, General Motors, Mastercard, and IBM joined forces to incorporate payments into OnStar Go via Masterpass.
Is CarCommerce the future for drivers? Convenience always wins, but what is your take on this? Let us know in the comments below.