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Digital vehicle wallets accelerate payments for connected cars

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Put yourself in the shoes of the end user when it comes to payments.
Innovation is the key in payments as it is in other areas of life and business. But innovation can only scale up if end users are satisfied.
PYMNTS spoke with Evgeny Kochikhin, the founder and CEO of Sheeva.AI for its “AI Effect” series.
Sheeva is leading a transformational approach to in-car payment through geolocation technology, and the integration with artificial intelligence (AI).
“It’s an entirely new market.” We don’t have transactions in cars right now. We don’t know what it means. When we talk about launching new categories like in-vehicle payment, we must make it as convenient and easy to use as our existing methods of payment,” Klochikhin explained.
Geolocation technology is at the heart of in-vehicle payment innovation. It allows drivers to pay and receive services like fueling, charging electric vehicles, parking, and curbside pickup from their vehicles.
Klochikhin explained how Sheeva can provide a customized and contextualized payment experience tailored to the driver’s needs in real-time by leveraging precise vehicle data.
He said that “location is the best predictor for customer intent.”
Unlocking in-vehicle payments
As reported, Sheeva.AI is launching its product suite globally. The company’s location-based platform has mapped more than 2,000,000 fuel pumps, parking spots, electric vehicle (EV), chargers, and other service points.
Citroen’s in-vehicle technology for payment was recently made available in India, after being established in the United States of America, Germany, and Japan.
Klochikhin stated, “We are very bullish about the Indian market as the market is super focused on digital payment.”
This collaboration allows drivers in India to pay for fuel seamlessly without manual intervention or QR code scanning. It is a major milestone.
“We expect competition because we hope that the market will take form globally. … there are players that are focused on verticals like paying for parking or fueling or electric vehicle charging… but we don’t want a platform with only one use case. We want to put everything in one place for you, the driver. “The driver is therefore a key perspective to us,” Klochikhin explained.
“That allows us create a B2B product, which is now a white-labeled vehicle wallet that every auto manufacturer can simply plug in.” “White labeling the experience creates a much more homogeneous driving experience and allows you to transact within your car,” he explained, explaining that automotive brands could brand the payments as a default.
Revolutionizing the Connected Vehicle Experience
The convenience and simplicity of using the vehicle wallet or the automobile itself as a payment mechanism is one of the main factors driving the adoption.
Klochikhin compared the vehicle wallet to Uber, where payment and service is unified. This approach simplifies transactions and integrates the service with the payment process. It offers a holistic experience for the user.
“What we are trying to do is create a single account that combines the payment methods and the service itself. “It becomes a single experience for the driver,” he said.
“It is a three-sided market. You have automakers who have to install this technology and make it available to consumers. Then there are service providers who provide services in all these verticals. We would call them use cases, such as charging, parking, curbside pick-up, etcetera. The third pillar involves the consumers and educating them so that they fully understand how to use this system,” Klochikhin explained. “Without these three components, nothing works.”
Klochikhin sees a future in which in-car payments will be used for a variety of services, not just the traditional ones. The possibilities are endless, from parking and toll payment to curbside pickups and drive-thru transaction. Sheeva aims to enhance the user’s experience and streamline in car transactions by leveraging emerging technologies, such as voice recognition.

Link: https://www.pymnts.com/artificial-intelligence-2/2024/digital-vehicle-wallets-shift-connected-car-payments-into-overdrive/?utm_source=pocket_saves
Source: https://www.pymnts.com
The post Digital vehicle wallets re-energize connected car payments appeared first on Fintech News.

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