S2E3 | How in-vehicle payments will impact the automotive industry and beyond
By 2025, in-vehicle payments will reach $86 billion according to Juniper Research, up from just $543 million in 2020. As the market grows, organisations will need to step up their game to focus on security.
In May we had participants join us from all corners of the globe as well as the biggest Tier 1 and tech vendors as we discussed in-vehicle payments. Listen to the recording above or rewatch the session here.
The session was led by our General Manager of Automotive, Andrew Till and industry guests
- Minh Le, Head of Connected Vehicle & Emerging IoT Offerings, Worldline
- Franck Leveque, Partner, Vice President Automotive & Transportation, Frost & Sullivan
- Colum Duffy, Director, Product Management, Technology Innovation Cyber & Intelligence Solutions, Mastercard
- Frank-Michael Kamm, Technology Director, Giesecke+Devrient
Some of the key issues discussed included:
“If you are in the region where you are not really subjected to PSD2, it’s certainly a good idea to think about strong authentication, because you don’t want to turn your in-car payment solution into a security nightmare.” Frank-Michael Kamm, Technology Director, Giesecke+Devrient.
“In 2006, when we started talking about NFC contactless payment with a very small Nokia mobile device, we fought a lot on, the ecosystems and the business models. I think that is the key lesson we have to learn today. Let’s avoid fighting each other and try to create a tangible ecosystem to help each other.” Minh Le, Head of Connected Vehicle & Emerging IoT Offerings, Worldline Global.
“The kind of opportunity to deliver that best user experience and differentiate from the kind of competition from smartphones, because as a car vendor, you have those assets, you can do things which nobody else can do.” Colum Duffy, Director, Product Management, Technology Innovation Cyber & Intelligence Solutions, Mastercard:
Read more about how in-vehicle payments are becoming the next frontier. We enable connected vehicles around the world to have the highest levels of hardware-backed security and features with our Secure Platform.