Edition #43 - Car IQ partners with Visa to launch digital payments for vehicles

Car IQ Inc., a prominent vehicle manufacturing company, has formed a strategic alliance with #Visa, a leading digital #payments platform. This partnership empowers #vehicles to engage in seamless transactions with Visa's extensive network of merchants and banks. Vehicle owners now have the convenience of using the innovative Car IQ Pay vehicle wallet to make purchases for fuel, tolls, parking, insurance, service, and repairs.

The cutting-edge technology introduced by Car IQ Pay allows vehicles to independently manage their payment accounts, forging direct connections with merchants without reliance on physical #cards. By incorporating this technology into the Visa network, both companies are poised to tap into a substantial portion of the thriving connected vehicle payment market, significantly expanding the reach of their services.

An integral aspect of Car IQ Pay lies in its utilization of real-time connected vehicle data throughout the entire payment process, encompassing before, during, and after each transaction. The collaboration between Car IQ and Visa capitalizes on Car IQ's groundbreaking "Know Your Machine" technology, which ensures the authentication of a vehicle's identity, enabling transactions between various types of vehicles and merchants with utmost security.

Car IQ further collaborates with original equipment manufacturers (OEMs) in the automotive industry to seamlessly integrate these payment capabilities within consumer vehicles. The recent unveiling of the Car IQ Pay in-dash vehicle wallet at CES demonstrates its capability to connect vehicles directly with merchants on the Visa network, offering an exceptional payment experience accessed directly from the car's infotainment system.

Other news plus good reads

• India and Indonesia plan to trade local currencies and link up for fast payments

• Global debt dominates G20 finance talks

• What CFOs are saying about A.I. behind closed doors, according to McKinsey

• Matching CFOs to Company Culture and Strategy

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