Latest innovations and techniques like in-vehicle payments through AI integration and 5G connectivity are working to simplify the user interface.
To be precise, in-vehicle payment is the sum up of a digital method of payment from where vehicle owners can directly buy the needed goods and services without any payment gateway or third- party while in the vehicle.
Customers love this experience as now the drivers can directly opt for single tap transactions, one for all, from their bank.
Visualizing the growth of in-vehicle payment, one can expect the introduction of natural language, followed by voice manager in automobiles. It will indeed save time and simplify the process.
ICPS, or In-Car Payment Systems, is famous as the all-time premium automakers like BMW. Such cars have these integrations already present in them. It has definitely changed customers’ outlook by redefining the payment method for tolls, parking, refuelling, booking and shopping.
Here, we will discuss the altered customer behavior with this innovation. The article will discuss this payment further.
Payments for charging, refuelling and gas
Fuel and gas stations have come forward to shake hands with automakers and deliver quick and simple payment methods at the station. It directly saves time too! In the presence of 5G connectivity, the users can enjoy the benefit of automatic AI surveillance where the automobiles instantly notify for low fuel.
Location identification has become easier with the introduction of GPS (Global Positioning System), Wi-fi (Wireless Fidelity) and RFID ( Radio Frequency Identification). They help you to reach the desired location or achieve targeted marketing easily.
Users also get notifications regarding refuelling, followed by the prices from the gas pumps or stations in collaboration with the automobile companies. Nevertheless to say consumers can complete the transactions hassle-free from their phones. Saving time and safety together!
Stages followed in in-vehicle payment:
- The selection of fuel remains to the driver.
- Select the payment method, followed by linking it to the vehicle. You can do it through a website or mobile app.
- It helps the pump dispenser to identify the vehicle while refuelling.
- Amount deducted automatically from the selected method.
- You get the digital receipt over an email or mobile app.
Automatic Vehicle Identification or AVI is essential here for the payment with Radio Frequency Identification or NFC in your vehicle.
Though this technology is still uncommon, automakers like Hyundai and Jaguar are adding them as their pre-installed system.
Booking encounters with the aid of in-vehicle payments
List of things that you can order through this payment method-
- Pre-booking at restaurants, café and hotels
The AI analyzes consumer behavior in the car and provides access to saved payment information, customer preferences, and order history.
Customers can order their preferred food, drink, and medicine through linking accounts and make reservations accordingly at a single tap. They can incentivize those who sign for in-vehicle payments to add more customers to the row. New brand here gets a chance to target a relatable audience and build a better relationship with their customers.
Buying a car is easier than getting parking in a metropolitan. IoT broadcasts the available area for parking along with the parking fees, making it easier for those with in-vehicle payment facilities. RADAR and LIDAR connectivity functional in 5G automotive locates the available parking places and initiates the payment through the selected method. The driver can also spot the real situation of the nearest parking place.
The application present in the vehicle is capable of booking the empty parking place and making the payment through RFID beforehand. It directly resolves the issue of manually searching for parking spaces.
Toll Charges payment through the in-vehicle direct payment method
One can easily resolve the toll collection hassles through in-vehicle payment. Whenever the vehicle enters or exits gets automatically identified by the Radio Frequency Identification system.
By selecting the payment method here, you can easily initiate the payment process with a single tap—no longer need to stay in a queue. Pay directly from the linked wallet and keep driving!
Just opt for vehicle registration for once, and your license plate gets recognized. After that, the payment gets deducted automatically. The driver receives a notification every time whenever the amount gets deducted.
Integrated in-vehicle payment system for connected vehicles
The emerging popularity of autonomous and connected vehicles is attracting a revolution in in-vehicle payment growth.
These developments were made possible through the introduction of 5G. It helps to develop the V2I (vehicle-to-infrastructure) and V2V (vehicle-to-vehicle) processes by sharing data about the vehicle’s location, environment and fuel capacity of all connected cars.
Connected cars with the auto-pay system improve the user experience the most. It will directly help to advocate driverless vehicles. The investment in such cars is increasing with in-vehicle payment.
The CMI Research report stated in 2021. its market hit $4.92 billion approx, which might rise to $25.93 in 2032. The CAGR here is 18.17% approx for a time gap between 2022-2031.
V-Commerce is on the verge of displaying the technologically uplifted future with AI and 5G networking.
With the ever-growing internet speed, this in-car application development is bridging the gap between growth and technology in the in-vehicle payment system.