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In-Car Payments Hit the Fast Lane

Cars with built-in payments technology may soon give mobile wallets a lift.

By Tina Orem | Updated on February 03, 2017

Mobile wallets today largely ride around in members’ pockets, purses and backpacks, but cars with built-in payments technology may soon give mobile wallets a lift, too. It’s a move some experts say is symptomatic of a growing urgency for credit unions to stay on top of the payments market, revamp their card marketing efforts and prepare for more disruption in interchange revenue.

The latest omen came at the 2017 Consumer Electronics Show in Las Vegas in January, when Honda debuted an in-vehicle payments system that lets drivers pay for gas and parking simply by pushing a button in their cars. The technology notifies drivers when they can pay for nearby smart parking meters or fuel pumps, and it lets them make those payments without having to leave the driver’s seat. The car’s dashboard displays the purchase amount, and drivers confirm payment inside the car.

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Tina Orem

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