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."