WATERLOO, ON, Aug. 11, 2021
/PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB),
today announced a new solution to deliver highly-secure
vehicle-based payment capability to unlock a connected car payments
market that is projected to reach over €530 billion by 2030.
This vehicle-based payment solution will create new
opportunities for automakers to offer a vast array of payment
services and develop previously untapped revenue streams. The
solution will create a "digital fingerprint" for the vehicle,
allowing it to securely connect to a bank's payment
network, validate, and autonomously pay for a wide range of
frequently used services, including fuel, tolls, parking,
insurance, maintenance, and other "wallet"
capabilities. Historically, vehicle-based payment processes have
been complex and leverage legacy banking primitives such as
physical credit cards or multiple smartphone apps to communicate
with each individual merchant and service provider.
BlackBerry is delivering this solution through a partnership
with California-based financial
technology solution provider Car IQ which leverages BlackBerry
IVY's in-vehicle edge computing and direct access to
vehicle sensors.
"We are delighted to demonstrate the value of BlackBerry
IVY's end-to-end offering for this market through our
partnership with Car IQ," said Peter
Virk, Vice President of IVY Product and Ecosystem,
BlackBerry. "Access to sensor data and edge computing
will allow for an incredibly secure in-vehicle payments
solution."
"We are excited to accelerate the time-to-market of
our latest in-vehicle payment solution and to capture share of the
connected car payments market by leveraging the BlackBerry IVY
platform," said Sterling Pratz,
CEO and founder of Car IQ. "With BlackBerry IVY we can now fully
embed our solution on a common platform in the vehicle, allowing us
to not only provide the highest level of security, but also greatly
reduce complexity for banks and merchants."
"Fleet managers, shared vehicle operators and individual vehicle
owners will benefit from greater convenience and secure management
of transactions as the next wave of connected vehicle technology
integrates more closely with merchant platforms for cashless and
cardless payments," said Lee Colman,
Chief Production Officer of global automotive technology analyst
firm SBD Automotive. He added, "Undisputable identification of the
vehicle and/or driver leveraging seamless vehicle sensor technology
at the point of sale underpinned by security creates further
efficiencies for the entire fleet value chain."
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB)
provides intelligent security software and services to enterprises
and governments around the world. The company secures more than
500M endpoints including over
195M vehicles. Based in
Waterloo, Ontario, the company
leverages AI and machine learning to deliver innovative solutions
in the areas of cybersecurity, safety and data privacy solutions,
and is a leader in the areas of endpoint security, endpoint
management, encryption, and embedded systems.
BlackBerry's vision is clear - to secure a connected
future you can trust.
BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow
@BlackBerry.
Trademarks, including but not limited to BLACKBERRY and
EMBLEM Design are the trademarks or registered trademarks of
BlackBerry Limited, and the exclusive rights to such trademarks are
expressly reserved. All other trademarks are the property of
their respective owners. BlackBerry is not responsible for any
third-party products or services.
BlackBerry Contacts:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/blackberry-ivy-to-provide-secure-vehicle-based-payments-301352836.html
SOURCE BlackBerry Limited