Visa and DocuSign have presented a new proof-of-concept app that will significantly simplify the process of leasing a car. Showcased at an annual Money 20/20 conference in Las Vegas, the demo demonstrated how a client can drive away in a new car in just a few minutes after inking all documents and paying the necessary sum of money without getting out of the car.
“Leasing a new sports car – or any car for that matter – should be fun and exciting, but lengthy paperwork and arduous processes often diminish the experience,” said Ron Hirson, Head of Product at DocuSign.
“This proof-of-concept makes it easier and faster for customers to get out the door in their new car by bringing together smart contracts and payments so that customers can electronically sign all pertinent documents and seamlessly pay in one fully digital experience,” he added.
The proof-of-concept app, embedded into the dashboard of a connected vehicle prototype, digitizes the whole process of leasing a car. The proof-of-concept uses the blockchain technology and connects the Visa Token Service with the DocuSign’s Digital Transaction Management platform, eSignature solution and the APIs. The connected car can be used to automatically make payments for a wide range of charges, such as parking, tolls or ordering food.
“We see a future where car commerce goes far beyond fuel pumps and drive-thrus, becoming a fully automated experience among the Internet of Things. Anything you buy from your car, or for your car, can be enabled by automatic payments: whether it’s a lease payment, insurance or anything governed by a contract. Tolls, maintenance services, music downloads, parking and even charges from the DMV could all be automated through a Visa token that is securely stored in your car,” said McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa.
Among the other advantages is the function of tracking activities, such as average speeds and distance travelled. After a consumer has been using a vehicle for a period of time, it offers advice about cheaper leasing options, routes and deliver savings on insurance.
“When a customer, partner or investor wants to partner with us to create new, game-changing innovation, we’re thrilled,” said Keith Krach, CEO of DocuSign.
“Visa is the trusted global leader in the payment industry, and is relied upon by millions of merchants and billions of consumers around the world. DocuSign is the trusted global leader in Digital Transaction Management and eSignature. Together, our Labs teams are the perfect partners to help consumers and companies fast-forward their journey to becoming fully digital,” he added.
The companies also noted that in addition to a car leasing the concept can also be used to buying a new home or to setting up new services.
Visa is a DocuSign strategic investor, helping to drive its expansion to new countries and attracting new customers.