In-Car Payment Market Could Reach $580 Billion by 2030, Says Pairpoint Research

A recent report from Pairpoint reveals that the in-car payment market has the potential to reach over $580 billion globally by 2030. This would mark an annual growth rate of 130% from 2023 to 2030, driven by the expanding global connected vehicle market, which is expected to grow from 430 million to 895 million vehicles during this period, as reported by The Fintech Times.

The report, Fuelling the Future: The $580 Billion In-Car Payment Opportunity, highlights that connectivity is transforming the automotive industry, particularly in payment technology. In-car payments allow users to pay for services like fuel, electric vehicle (EV) charging, and parking directly from their vehicles, eliminating the need for physical cards or mobile apps. According to the study, 70% of respondents believe this technology will be primarily used for automotive services, while 25% see it benefiting e-commerce platforms for goods and services.

Pairpoint’s CEO, Jorge Bento, emphasized the role of advanced connectivity in enabling secure, real-time payment functionality for everyday services. Bento stated, “Advanced connectivity is a catalyst for new ways of interacting with modern vehicles. Adding native payment functionality will allow for more secure, real-time, automatic usage of day-to-day services such as parking, EV charging, refueling, and more.”

Technologies like SIM cards for vehicle identification, biometric authentication, and other are expected to simplify and secure the user experience. The study stresses the need for a broad and collaborative ecosystem involving automotive and telecom sectors to ensure the success of in-car payments.

This push by Pairpoint to integrate payment technology into automobiles aims to streamline everyday vehicle-related transactions while creating new revenue opportunities.