More news from CES 2019: have Visa and SiriusXM solved in-car mobile payments?
In-car mobile payments have been a talking point for a while now, but for some reason, the technology always seems to be a stumbling block. As we found out this week at 2019’s Consumer Electronics Show, that might be about to change. The reason? Cashless transaction giant Visa and satellite radio company SiriusXM have partnered to innovate the area – and what they’ve come up with might just conquer the market.
Visa’s share price has appreciated by 6% so far this year
Source: Yahoo Finance
Here’s the basic idea: Visa’s e-wallet system will now be available over SiriusXM – in other words, in any car that can access satellite radio and has a display which would support the feature. This system would work anywhere Visa does (basically everywhere) and security would be handled via biometric authentication (voice and touchscreen). The two companies have already begun speaking to automakers, and they say that their tech might be in cars by next year.
Olabisi Boyle, Visa’s vice president of Internet of Things platforms, said: “Teaming up with SiriusXM is a big step forward in Visa’s quest for connected commerce across the automotive ecosystem. 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.”
There’s no doubt that Visa and SiriusXM have, together, pushed payments as far as they’ve gone in the connected car space. Safe, easy to use, and accepted pretty much everywhere. That doesn’t guarantee a success – but it’s certainly the best recipe we’ve seen yet!
Dominion holds Visa in its Global Trends Managed Fund.
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