Car IQ, a developer of in-vehicle payment technology, has partnered with Visa to enable commercial fleets to transact directly with Visa’s merchants and banks, and purchase tolls, fuels parking, insurance, service, and repairs.
Car IQ’s Pay vehicle wallet technology is designed to enable vehicles to maintain their own payment accounts in order to connect and transact directly with merchants without using a physical card.
Central to the collaboration is the ability to add vehicle data to the transaction, which, according to Car IQ, enables real-time offers and personalised rewards for fleets, drivers, and merchants.
With Visa, Car IQ Pay incorporates real-time connected vehicle data before, during, and after payment. The partnership leverages Car IQ’s Know Your Machine technology, which authenticates a machine’s identity to enable all vehicle types to transact directly with merchants.
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“Cost management, transparency and a seamless experience are more important than ever for commercial fleet payments, with total spend reaching over US$80bn across cash, cheques, ACH and traditional fleet card payments,” said Veronica Fernandez, North America head of Visa Business Solutions.
“Through this collaboration with Car IQ, we’re excited to drive growth of vehicle-based payments that allow users to take control of their fleet business through enhanced and timely data capabilities that allow for real-time business decisions.”
Car IQ is also working with automotive OEMs to embed in-vehicle payments within consumer vehicles directly from the car’s infotainment system.
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