Beyond Self-Driving Cars: Automakers Acquire Payments Technologies for Cars of the Future
The automotive industry is the latest to jump into the Internet of Commerce Things (IoCT) ecosystem. Both Volkswagen and Daimler AG recently announced acquisitions of payments companies with the intention to enable payments from cars:
- Volkswagen acquired Canadian company PayByPhone, which manages $300 million in payments per year for parking facilities in Paris, Boston, London, San Francisco and Seattle. Volkswagen is expected to use PayByPhone’s technology in their vehicles to explore novel ways drivers can use their cars to buy things.
- Daimler Financial Services purchased Luxembourg’s PayCash Europe, a mobile payments and eWallet technology company. Daimler will be using PayCash’s technology and intellectual properties to develop its own electronic payment service.
The IoCT ecosystem is growing by reaching new industries such as the auto industry. This provides further proof that growing online-to-offline commerce includes opportunities in previously untapped industries and provides an advantage for experienced card-linking technology providers for expanded cross-industry partnerships.