Banking apps synced with your car, next up

It has been a busy few months for IoT and in-car payments.

IBM and Visa sealed a partnership to connect 20 billion devices by 2022, while Jaguar and Shell showcased fuel payments tech in the U.K.. Honda and (again) Visa had their take on in-car payments at CES 2017 last month, while GM teamed up with MasterCard and IBM last year, to enable Masterpass digital wallet on its OnStarGo app.

Banks are missing from the equation, but not for long, according to Daniel Döderlein, founder of Auka – a Norwegian startup that enables banks to issue mobile payment products to customers.

“Several cars [OEMs] have, to some extent, open APIs or partner models for content and apps. There is no technical reason why payments should not be a part of this ecosystem,” he told Bank Innovation. But it doesn’t end with payments: banks will start making their own apps available within car dashboards, which would allow for hands-free banking, but will also create an opportunity for banks to engage the users.

 

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