News • 02.12.2021

In-vehicle payment transactions growing steadily

Volumes to exceed 4.7 billion by 2026, as industry collaboration accelerates growth

The black dashboard of a modern car
Source: julianhochgesang/Unsplash

A new study from Juniper Research has found that the global transaction volume of in-vehicle payments will exceed 4.7 billion by 2026, up from just 87 million in 2021. In-vehicle payments are those where payments are made via vehicle systems, without requiring the use of a smartphone to process the transaction.

This extraordinary growth of over 5,300% in the next 5 years will be driven by increasing industry collaboration and initiatives from vehicle manufacturers, aimed at reducing the high level of fragmentation between different in-vehicle marketplaces. Payments vendors will need to quickly develop new capabilities in order to capitalise on this growing opportunity. As a result, we anticipate the rate of acquisitions and partnerships to intensify to meet these urgent requirements.

North America to dominate in-vehicle payments market

The new research, "In-vehicle Payments: Opportunities, Challenges & Market Forecasts 2021-2026", found that North America will have the largest in-vehicle payments share of transactions by volume; accounting for 42% of all transactions globally by 2026. The growth is driven by a large installed base of payment‑enabled vehicles and a high level of partnerships in place. The recent collaboration between industry participants in North America will be beneficial in overcoming fragmentation and incentivising user adoption through rewards and loyalty schemes over the next 5 years.

Vehicle fuelling leads in-vehicle payment use cases

The research found that vehicle fuelling will be the most common use case over the next 5 years; accounting for around 48% of total in-vehicle payment transactions by volume. This growth is being seen as the natural progression for fuel payments, which have evolved from cash to card payments, then to smartphone payments, and now to in-vehicle payments.

The report recommends that stakeholders look beyond fuelling and EV charging to develop additional use cases such as coffee shop and fast food pick-up payments via the vehicle dashboard; using existing infrastructure in developed regions. Enabling voice commerce will be critical in exploring these opportunities, and will require vendors to develop new capabilities.

Source: Juniper Research

related articles:

popular articles:

Thumbnail-Photo: Cash Management with the apg® Note Acceptor...
06.08.2024   #security #cashpoints

Cash Management with the apg® Note Acceptor

Stand-alone or as addition to the smarttill® Suite

Theft and counterfeit fraud are significant threats to retailers, underscoring the need for secure cash management solutions.For reliable bill validation and secure storage of high-volume bills, the apg® Note Acceptor is an essential tool. It ...

Thumbnail-Photo: Fashion retail: mobile discovery, more convenient shopping...
04.07.2024   #online trading #brick and mortar retail

Fashion retail: mobile discovery, more convenient shopping

How Breuninger is breaking boundaries with omnichannel

Breuninger, with twelve stores in Germany and another in Luxembourg, provides a traditional shopping experience ...

Thumbnail-Photo: Introducing the Design XS Keypad Wall Reader Series...
23.07.2024   #access control #authentication

Introducing the Design XS Keypad Wall Reader Series

A New Level of Security and Convenience for Access Control

Leading global access solutions provider Salto Systems, part of SALTO WECOSYSTEM, is thrilled ...

Thumbnail-Photo: How Smart Cash Management Can Enhance Customer Satisfaction and...
13.08.2024   #customer satisfaction #Tech in Retail

How Smart Cash Management Can Enhance Customer Satisfaction and Engagement

Exclusive report from apg Solutions EMEA Ltd. shows possible solutions

More and more retailers are integrating cash payment at self-checkout (SCO). The reason for this is that consumers want to have the choice of how they pay. In times of high inflation, people want to know exactly what they are spending.But ...

Thumbnail-Photo: ITL showcase age & identity technology at  Seamless Europe...
09.09.2024   #brick and mortar retail #access control

ITL showcase age & identity technology at Seamless Europe

Innovative Technology offer a range of products that are ideal for retailers who are looking to implement age estimation technology ...

Thumbnail-Photo: Successful customer loyalty in times of change: how to win with...
31.07.2024   #brick and mortar retail #sustainability

Successful customer loyalty in times of change: how to win with omnichannel

Challenges and trends in a cross-channel strategy

How has customer loyalty changed? Why is a well thought-out omnichannel strategy crucial ...

Thumbnail-Photo: Introducing the Salto Glass XS Reader Series...
10.07.2024   #RFID (radio frequency identification) #access control systems

Introducing the Salto Glass XS Reader Series

Redefining Smart Access Control

Salto proudly unveils the Glass XS Reader Series, an innovative line of products ...

Thumbnail-Photo: Time saving made easy
18.07.2024   #brick and mortar retail #software applications

Time saving made easy

Use of technology in retail: focus on increasing efficiency and customer satisfaction

Task management software is one of the retail solutions designed to help shops save time and ...

Thumbnail-Photo: Intelligent shopping assistant: how can it help in the store?...
26.06.2024   #brick and mortar retail #app

Intelligent shopping assistant: how can it help in the store?

Practical examples of use in DIY stores and fashion stores

Product search, navigation, shopping basket management and checkout: intelligent shopping assistants can now be integrated into ...

Thumbnail-Photo: Hanshow Awarded FY24 China Top ISV Partner by Microsoft for Innovative...
04.09.2024   #artificial intelligence #cloud computing

Hanshow Awarded FY24 China Top ISV Partner by Microsoft for Innovative Retail Solutions

Hanshow, a leading provider of retail digital store solutions, has been awarded the "FY24 China Top ISV Partner" by Microsoft. The award recognizes Hanshow's innovative technologies and deep cooperation with Microsoft in the field of ...

Supplier

Zebra Technologies Germany GmbH
Zebra Technologies Germany GmbH
Ernst-Dietrich-Platz 2
40882 Ratingen
Innovative Technology Ltd.
Innovative Technology Ltd.
Innovative Business Park
OL1 4EQ Oldham
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
apg Solutions EMEA Ltd.
apg Solutions EMEA Ltd.
4 The Drove
BN9 0LA Newhaven