US Payments Forum Resource Explores Convergence of Connected Car and Contextual Payments
May 02 2024 - 11:00AM
The U.S. Payments Forum today launches a new white paper delving
into the synergy between connected cars and contextual payments. It
explores real-world examples and equips stakeholders across
industries with the knowledge needed to navigate this evolving
landscape.
By 2030, about 95 percent of new vehicles sold globally will be
connected, according to McKinsey research. This increasingly
digitized ecosystem has created new opportunities to automate and
integrate payment processes into driver and passenger experiences.
Contextual payments are one example of payment automation. These
are payments that occur without the need for customers to produce a
payment instrument or engage with a merchant. For example,
automatic payments after services are rendered through a ride-share
app, or automatic charges when a driver passes through a toll.
“Connected Car and Contextual Payments,” is a resource developed
in tandem with the market’s growth to educate merchants, original
equipment manufacturers (OEMs) and additional relevant parties. It
is available to download free of charge on the U.S. Payments
Forum’s website.
The white paper includes the following:
- Introduction to connected cars/contextual payments and the
transaction process
- Examples of connected car form factors such as in-dash
displays, cameras, sensors…etc.
- Outbound payments, data monetization, infrastructure and
architecture related to connected car/contextual payments
- Implementation considerations, including card-not-present
transactions, merchant category codes and alternative payment
rails
- Potential security concerns, use cases and guidance for
effective authentication within the scope of connected
car/contextual payments
The white paper was created through collaborative efforts within
the Forum’s Mobile and Touchless Payments Working Committee.
Organizations, associations, government agencies and individuals
interested in participating in upcoming Forum projects can visit
the Secure Technology Alliance’s website to learn how to
become a member. By joining the Secure Technology Alliance, members
will have access to activities within the U.S. Payments Forum and
additional Alliance-affiliated organizations.
About the U.S. Payments Forum The U.S.
Payments Forum is a cross-industry body that brings stakeholders
together on neutral ground to enable efficient, timely and
effective implementation of emerging and existing payment
technologies. This is achieved through education, guidance and
alternative paths to adoption. The Forum is the only non-profit
organization whose membership includes the whole payments
ecosystem, ensuring that all stakeholders have the opportunity
to coordinate, cooperate on and have a voice in the future of the
U.S. payments industry. The organization operates within the Secure
Technology Alliance, an association that encompasses all aspects of
secure digital technologies. About the Secure
Technology Alliance The Secure Technology Alliance is the
digital security industry’s premier association. Through its U.S.
Payments Forum, Identity and Access Forum and its collaborative
working groups, the Alliance fosters open dialogue among industry
stakeholders to explore and develop secure technology innovations
in the payments, identity and access markets. By collaborating on
education and guidance, the Alliance helps enable efficient, timely
and effective implementation of large-scale, disruptive
technologies. For more information, please
visit https://www.securetechalliance.org.
Contact Sherlyn Rijos-AltmanMontner Tech
PR203-226-9290srijos@montner.com