Fintech In Automotive: Smart Mobility And In-Car Payments

Smart mobility is hot. Fuel, parking, toll fees, on-board entertainment and even subscriptions for seat heating and software features are examples of goods and services which can be purchased through in-car payments. The automotive industry is responding to the global trend and adjusting to diverse consumer needs worldwide by incorporating and building in payment services and electronic money in their vehicles. While we often see that a car manufacturer concludes a partnership with a payment service provider, it is also possible for the car manufacturer to provide in-car payment services itself. In this article, we discuss a few attention points in relation to the in-car payments, such as the license requirement for those parties providing the payment services themselves, integration into the payment system, cooperation with third parties and sharing of payment and customer data.