Visa Inc. (NYSE:V) announced it was making the Visa Token Service available to auto manufacturers, helping to pav" />

Issue: Feb 2016


Visa Extends Secure Payments to the Automotive Industry



Visa, Honda and ParkWhiz Showcase Apps that Let Cars ‘Pick up the Tab’

by Jon Knox

Visa Inc. (NYSE:V) announced it was making the Visa Token Service available to auto manufacturers, helping to pave the way for easy and secure car-based commerce. To further advance car-based commerce, Visa is also offering a range of related digital payment solutions, including new standards for Bluetooth (BLE) and QR codes that could help expand enablement of mobile payments for both merchants and consumers in any environment. As payments shift from plastic to digital, technologies built with Visa Token Service, provide an ecosystem of payment partners – from auto manufacturers to point of sale (POS) providers and beyond – a streamlined way to offer commerce and payments anywhere there is an Internet connection.

Car-Based Commerce

In partnership with Honda and ParkWhiz, Visa will demonstrate fuel and parking proof-of-concept apps at Mobile World Congress, February 22-25 in Barcelona, Spain (Hall 6, Exhibit Booth 6D40). Developed by Honda Developer Studio and fully integrated into Honda’s head unit, the fuel and parking proof-of-concepts are designed to bring greater simplicity and convenience to services and tasks consumers do every day. Both apps showcase Visa Token Service and feature Visa Checkout, Visa’s online payment service offering simple, one-touch payments. Additional features include:

  • Fuel App Concept: Pay for gas in one click without leaving the car. The fuel app detects when the car is low on fuel and navigates the driver to nearby gas stations. Once parked next to the pump, the app knows the exact amount of gas needed to fill the tank and can calculate the cost to fill up. The driver can also purchase convenience store items with full integration of discount and loyalty/rewards programs.
  • Parking App Concept: Just park your car, push the ‘park’ button on the app, and go. Designed in partnership with ParkWhiz for off-street parking spots, the parking app helps a driver pay only for the time used and helps avoid under- and over-paying. Once a parking session is ended, the elapsed time and amount paid are shown on the car’s dashboard, requiring the driver to simply press a button to complete the transaction.

Visa demonstrated car-based commerce as an industry-first at Mobile World Congress 2015, when it showcased how in-car payments could simplify ordering food at a quick service restaurant. Over the last year, Visa has continued to test and evolve in-car payments, including showing how to simplify the process of leasing or buying a car, or even managing services like auto insurance or road tolls, directly from the driver’s seat.

“The notion of transforming a car into a platform for payments is not as far off as some may think, and we have made a great deal of progress since first introducing the idea one year ago,” said Jim McCarthy, executive vice president of innovation and strategic partnerships, Visa Inc. “Working with Honda to test these prototypes gets us another step closer toward commercial reality, which we think provides exciting opportunities to everyone who plays a role in the payments and automotive ecosystems.”

"This project demonstrates how apps can truly transform the in-car experience while creating new opportunities for automakers," said John Moon, developer relations lead for Honda Developer Studio.

"At ParkWhiz we are very focused on creating a frictionless, and of course safe, parking experience for drivers," said Aashish Dalal, CEO, ParkWhiz. "Eliminating the need for drivers to take tickets or check out at pay boxes is a giant step toward a frictionless experience and a big win for drivers. ParkWhiz is thrilled to be partnered with Visa on this ground-breaking innovation."

The companies currently expect to test the fuel app concept in Northern California and the parking app concept in New York City, both over a three-month period, starting this spring.

About Visa Inc.

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

About Honda Developer Studio

Honda Developer Studio (HDS) is an open innovation initiative that enables developers to work directly with Honda engineers to create apps that are road-ready more quickly. For more information, visit https://developer.hondasvl.com/ and follow along on Twitter at @HondaDeveloper.

About ParkWhiz:

Headquartered in Chicago, ParkWhiz is the nation’s largest on-demand parking app. The company’s website and mobile platforms provide a fast and efficient way for drivers to find and book guaranteed parking spaces before reaching their destination at thousands of parking locations across the country, from New York City to Chicago to San Francisco. ParkWhiz is an official partner and parking provider for Ford, Concur, and StubHub among many others. ParkWhiz has helped well over a million drivers seamlessly get where they need to be. For more information, visit ParkWhiz.com.

 



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