Cars Will Soon Make Credit Card Purchases For You
Technology has made it easier than ever to pay for the things we want, no matter where we are or whether we are carrying our wallets. We can place food orders, pay at the register, and even withdraw cash from an ATM including only our cell phones and smart watches. But could our cars soon be able to pay for our purchases, too, eliminating the need to ever physically use plastic?
According to a new deal just made between Visa and SiriusXM, this appears to definitely be on the horizon. The partnership was announced earlier this month at the Consumer Telematics Show in Las Vegas, and will be the first of its kind.
Once implemented, it will allow vehicle-based mobile Visa payments for a variety of purchases. You will be able to pay for everything from your morning bagel to highway tolls, without leaving the car or pulling out a credit card. Eventually, the technology will also allow drivers to locate available parking options in their area and instantly pay the required fees.
The details of the technology have not yet been announced. However, both companies have said that the SiriusXM e-wallet will utilize a combination of voice and touchscreen commands to process payments. These will be biometric in nature, designed to both eliminate distractions for drivers and ensure that payments are as secure as possible.
Visa and SiriusXM are currently in the process of presenting their partnership and proposed technology to automakers.
SiriusXM already owns Automatic Labs, allowing most vehicles manufactured after 1996 to be converted over to the satellite radio’s technology. In addition, more than 3 out of every 4 new cars manufactured each year comes with SiriusXM already installed. This should make it quite easy for Visa and SiriusXM to convince automakers to jump onboard, as well as implement their new e-wallet technology once approved.
"Teaming up with SiriusXM is a big step forward in Visa’s quest for connected commerce across the automotive ecosystem," says Visa’s Olabisi Boyle, vice president of IoT Platforms. "SiriusXM’s solid network with automotive manufacturers and established consumer interfaces, combined with our payments expertise, will help fast-track the endless opportunities for drivers to safely and securely accomplish tasks during their commute."
Personally, I thought paying with my phone and smart watch was already pretty advanced. I can’t imagine what it will be like to make Visa purchases with my vehicle, once this new technology is rolled out. What will they think of next?