Visa and Honda show off in-car transactions
Select language to see a machine translation of this article. The original language of the Article is English and the translation is provided for your convenience.

Visa and Honda show off in-car transactions

Visa is without doubt one of the world-leaders when it comes to payment and transaction technology, as they have continued to innovate and bring options of payment to their customers. Now, in a new concept they have been working on with Honda, they have begun working on in-car payments.

Payments can be made in a range of ways now, whether you are paying for fuel or just a sandwich on your lunch break. There is simple card payment with Chip and PIN, contactless payment, mobile payment and a handful of different digital wallet options.

Now, Visa have, in conjunction with Japanese car giants Honda, unveiled what could be the next step in a certain area of payment. The two companies revealed at the Consumer Electronics Show in Las Vegas that they have been testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars, in yet another sign that payments are moving away from physical transactions.

Banking Tech have reported on the technology, stating: ‘Drivers are notified that they can pay for fuel or parking when they are near a smart parking meter or fuel pump. Depending on the services, the purchase amount is displayed in the dashboard and drivers confirm payment with the touch of a button, paying via previously stored payment information. For parking, drivers can set the time they’ll need from the dashboard display; those consumers then can add time via their smartphones when away from their vehicles.’

Avin Arumugam, senior vice president of internet of things at Visa, said: “Turning the car into a platform for payments offers a nearly endless array of ways for automakers, drivers, merchants and other infrastructure companies to completely transform tasks that are tied to cars in some shape or form. Working with Honda, we both see the huge opportunity this presents for our respective industries, and how we can collectively simplify many daily tasks from the car.”

This venture between Honda and Visa is not the only one in the industry to come to light, as Ford have revealed that they will begin deploying cars featuring Amazon’s Alexa as of this summer. The amazon virtual personal assistant will be able to complete its standard tasks such as: play music, find stores, order items and a range of other things all via voice command from within the Ford car.

Dominion holds Visa in its Global Trends Ecommerce Fund.

If you would you like to receive the Newsfeeds daily, please click here to sign up now!

Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
0.0/5 rating (0 votes)

The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.