The payment made via embedded vehicle systems are called in-vehicle
In-vehicle payments to grow dramatically by 2025: forecast. Source: unsplash.com
Juniper Research has unveiled that the value of in-vehicle payments will reach $86 billion in 2025, up from just $543 million in 2020.
These payments automate and simplify several existing payment processes via the vehicle’s onboard systems. Besides, they are providing increased convenience for drivers.
The report states that this growth will be driven by increased partnerships which are improving the availability of services.
At the same time, fuel and electric vehicle charging payments will be the leading area for in-vehicle payment adoption. They will be accounting for 77% of payments by value in 2025.
The research found that voice commerce will be a major supporting factor in the in-vehicle payments market. The growing integration of voice assistants within the vehicle’s systems will let drivers make e-commerce purchases from behind the wheel in a seamless way.
We’ve reported that bus passengers across Japan are testing self-driving buses equipped with facial recognition ticketing systems.
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