Your Wallet on Wheels: Connected Cars and the New Era in Payments

Connected devices are proliferating at breath-taking speed. IoT Analytics estimates by 2025, there will be an average of more than 4 Internet of Things devices per person in addition to smartphones and laptops. Amongst this myriad of devices will be connected cars. Vehicles are expected to become a ‘wallet’ on wheels. In the case of B2C, drivers will be able to pay retailers like coffee stores, pay for a parking space, or make payments for car features on demand, all from their vehicle. For B2B payments, the car wallet could be used to pay for employee Travel & Expenses (T&E) via streamlined processes, eliminating the need to report expenses separately. Connected cars are expected to serve as a marketplace and connector to multiple parties. This panel discussion will examine how connected cars will create new revenue streams and business opportunities, acting as a critical change agent for many industries. We will also explore the implications beyond cars, looking at trucks and public transportation, and the impact on logistics, smart cities and healthcare.