In-vehicle payments forecast to reach US$1bn by 2023

The total transaction value of in-vehicle payments will reach US$1bn by 2023, up from less than US$100m in 2020, according to a forecast by Gartner.

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The US-based research company also predicts that the services offered by existing platforms enabling in-vehicle payments for fuel, food and parking will continue to increase, and that in-coming technology will enable vehicles to “have a unique ID and function almost like a credit card with the ability to make transactions”.

“In addition to making in-vehicle payments through a cloud platform that connects to the car, car drivers will be able to use a third-party app mirrored on the screen from their phones or through a smart wallet based on blockchain, which lets drivers earn cryptocurrency which can be used for in-car purchases, or through a digital wallet built into the car,” the researchers say.

“The latter could create the capability of the vehicle to not only make payments but accept payments.”

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