How Connected Cars are Driving Connected Payments

Technologies associated with IoT are inexpensive, low powered and frequently based on common software platforms. Recent rapid development in the automotive/haulage industries allows the integration of this tech into cars/trucks.

These developments have coincided with the simultaneous rise in FinTech with the use of technology supporting financial services such as payments, fostering a common base of innovative development across these domains.

This paper describes innovative opportunities created by merging one market with another and also driven by IoT. Illustrated by the implementation of an autonomous “pay at pump” use case as an example, the integration of IoT and payments technology into car IVI systems and fuel pumps will allow the financial transaction associated with buying fuel to be handled completely autonomously.

The deployment of computer vision technology for authentication, and connectivity for communication with payment authorities, will facilitate autonomous payments in a large range of scenarios including for example road- toll payments too.

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