- Credit/Debit Card
- QR Code/RFID
In-Vehicle Payment Services Market size was valued at USD 4,145.8 million in 2022 and is poised to grow at a significant CAGR of 42.5% over 2023-2029. In-vehicle payment systems enable drivers to order and pay for food, coffee, gasoline, groceries, parking spaces, and tolls without leaving the vehicle. The QR Code/RFID segment is anticipated to grow at a significant CAGR over the forecast years owing to the most common ways of payment for in-vehicle payment services include QR code or RFID, app-based or e-wallet, credit, or debit card-based, and others. QR codes or RFID tags are used to pay by scanning them, and RFID tags employ radio waves to transfer the data they contain and to make payments. There are many forms of payment include embedded systems, tethered systems, integrated systems, and various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and autonomous guided vehicles. Among the numerous uses include shopping, petrol or charging stations, food and beverages, toll collecting, parking, and others. Key drivers driving the growth of the in-vehicle payment services market include rising contactless payment trends following the COVID pandemic, a growing consumer base seeking convenience in vehicles, and increasing technological innovation.
In-Vehicle Payment Services Market Key Developments:
In August 2021, the Blackberry company partnered with Car IQ for in-vehicle payment. It enables secure vehicle-based payment capabilities with the help of its cloud-connected software platform. The system validates and autonomously makes payments for various services such as parking, food, etc.
Fastest Growing Market
The increased demand for contactless payments is propelling the in-vehicle payment services market forward. Due to the COVID-19 pandemic, there was a significant shift toward contactless payments, aided further by the payment systems' sophisticated and perfect support. According to UK Finance, the total value of contactless transactions in November 2021 will be £17.7 billion (USD 19.96 billion), up from £9.9 billion (USD 11.84 billion) in November 2019 and 155.3% more than £6.9 billion (USD 7.6 billion) in November 2019. As a result, the growing demand for contactless payments is projected to drive the expansion of the in-vehicle payments industry in the future.
The in-vehicle payment services market is projected to expand at a CAGR of 42.5% during the forecast period
Volkswagen AG, ZF Friedrichshafen AG, Google, Amazon, Visa, MasterCard, PayPal
North America is the fastest-growing region for in-vehicle payment services market