Visa, an American multinational financial services corporation that facilitates electronic funds transfers throughout the world, has partnered with SiriusXM Connected Vehicles Services Inc., a subsidiary of Sirius XM Holdings Inc. with the aim to create a new in-vehicle payment solution.
Visa and @SIRIUSXM are joining forces to enhance the driving experience with the SiriusXM e-wallet, a seamless in-vehicle payment solution that enables order ahead payments for food, gas, and parking. Watch now: https://t.co/zkmbglkad7
— VisaNews (@VisaNews) January 7, 2019
To revolutionize the driving experience, the two companies are working on the SiriusXM e-wallet which is expected to allow drivers and their passengers to complete and make everyday purchases on-the-go. They will be able to shop and pay for coffee, locate and pay for parking, purchase movie tickets, etc.
According to the press release, users will activate and confirm payment with their Visa account through biometric authentication, like voice and touchscreen commands, which will help to avoid distractions that could endanger drivers or passengers during the transaction. The solution will be powered by Visa and SiriusXM Application Programming Interfaces (APIs).
To implement such services, Visa is establishing virtual payment relationships through a number retailers and providing secure authentication capabilities for added security, while SiriusXM is developing the next-generation protocols that are necessary to establish real-time connectivity and in-vehicle interfaces with a broad variety of personalized content and data aggregated from a network of platforms. These services will be showcased to automobile manufacturers during 2019.
Olabisi Boyle, Vice President at Visa, commented:
“Teaming up with SiriusXM is a big step forward in Visa’s quest for connected commerce across the automotive ecosystem. SiriusXM’s solid network with automotive manufacturers and established consumer interfaces, combined with our payment expertise, will help fast-track the endless opportunities for drivers to safely and securely accomplish tasks during their commute”.
The company promises that the Visa Token Service will provide an additional layer of security to transactions.
John Jasper, Senior Vice President for SiriusXM Connected Vehicle Services, said:
“Visa is the world’s leader in digital payments and our Connected Vehicle Services group has deep roots and a broad reach in the auto industry. Our work with Visa is a significant step in establishing the next generation of vehicle-to-everything connectivity, transforming the vehicle into a ‘hub’ that provides for real-time, convenient transactional services to drivers and passengers.”
In-car payments are not new, they have already been explored and tried. 2017 was marked by collaboration between Jaguar, Shell, and Apple that allowed in-car payments using the latter’s Apple Pay platform.
However, the partnership between Visa and SiriusXM is expected to shift things greatly, as Visa has sufficient experience in the field of financial services, while Sirius XM has gained a reputation of a good player across the automotive sector. Pooling their efforts together seems to have much success in the near future.
The in-vehicle payment solution has already been presented by Peter Polit, Vice President and General Manager of Connected Vehicle Strategy and Business Development at SiriusXM on January 7 at the Consumer Telematics Show in Las Vegas, Nevada.