BlackBerry Limited today announced a new solution to deliver highly-secure vehicle-based payment capability to unlock a connected car payments market that is projected to reach over €530 billion by 2030.
This vehicle-based payment solution will create new opportunities for automakers to offer a vast array of payment services and develop previously untapped revenue streams.
The solution will create a “digital fingerprint” for the vehicle, allowing it to securely connect to a bank’s payment network, validate, and autonomously pay for a wide range of frequently used services, including fuel, tolls, parking, insurance, maintenance, and other “wallet” capabilities.
Historically, vehicle-based payment processes have been complex and leverage legacy banking primitives such as physical credit cards or multiple smartphone apps to communicate with each individual merchant and service provider.
BlackBerry is delivering this solution through a partnership with California-based financial technology solution provider Car IQ which leverages BlackBerry IVY’s in-vehicle edge computing and direct access to vehicle sensors.