BlackBerry is offering a new solution aimed at delivering an extremely secure vehicle-based payment capability. The new offering is a step into the connected car payments market, which is growing rapidly. If you’re interested in the market and need exceptional merchant services, including a high risk merchant account, you’re on the right page.
BlackBerry’s New Service for Connected Car Payments
Vehicle-based payments are growing and have recently gotten even more mature thanks to the new solution launched by BlackBerry. Did you know that the car payments market is expected to account for more than €530 billion by 2030?
Now, Blackberry’s vehicle-based payment solution enables automakers to enjoy new opportunities through a large variety of payment services. The company offers the new service in cooperation with the financial technology solution provider Car IQ.
This new service is designed to connect BlackBerry’s intelligent vehicle platform IVY with Car IQ’s AI-based authentication technology. IVY is developed in partnership with Amazon Web Services and comes compatible with different vehicle manufacturers.
The use of this new service implies a “digital fingerprint” for the target vehicle. It allows for securely connecting the car to the given bank’s payment network. The process is followed by validation and autonomous payment completion for a variety of services.
Connected Car Payments: High Risk Merchant Account
What do you know about Car IQ’s Know Your Machine system? In fact, it’s like the Know Your Customer (KYC) process that banks implement for individual identification. In order for the system to work, it’s required to tap into the connected car’s hundreds of individual sensors. This is how the verification process of the vehicle takes place.
With the market growing, merchants in the industry should start offering proper payment processing services to customers. Since this can’t be realized without advanced merchant services, such as a low or high risk merchant account, you need to work with an expert merchant processor in your field. Make sure the processing company provides you with the best, safest and cheapest merchant services in the space.
According to analyst Holger Mueller, the ability to use one’s car to pay is both convenient and beneficial from the economic and environmental aspects.
BlackBerry for Connected Car Payments
BlackBerry, in partnership with Car IQ, offers a new solution for autonomous connected car payments. The new service is designed to provide an autonomous and highly secure payment system for connected cars.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.