In-car payments represent a potential $212 billion business opportunity. All carmakers need to prioritize this development. The connected vehicle can become a digital wallet, opening up exciting possibilities for automakers.
As we’ve talked about before, in-car payments offer numerous advantages for consumers. But they also offer an exciting opportunity for automakers.
Right now, purchasing a car is basically a one-time buy. Automakers are struggling to connect with their customers after they get the vehicle. Since car purchases are handled by dealers, even that is largely out of automakers’ hands.
Even though most drivers spend hours in their car every week…
We are living in the era of open APIs. Organizations are increasingly realizing that open APIs offer many benefits as compared to closed-loop systems. Here’s why.
The Open API Advantage
The fundamental advantage of open APIs is flexibility. With an open API, developers can come in and exercise their own creativity and ingenuity when developing an application. They aren’t locked into any particular system, as is the case for closed-loop, custom-built systems.
Open APIs are more easily scalable and cheaper to maintain. Essentially, they are platforms that can be used widely. …
Urban planners desperately need data. With good data, they can make evidence-based decisions about how to regulate traffic and mobility in their cities. Ultimately, everyone benefits.
Data can reveal critical information about traffic patterns within a city. Let’s say that there’s a twenty-minute route within a city. But a car takes a full 40 minutes to complete the route. Good data can tell us why the 20-minute delay happened. Did the driver just grab a coffee? Or is there a larger problem, like congestion or street closures, that contributed to the delay?
This has implications for all kinds of decisions…
In recent years, payment methods have undergone massive shifts thanks to the growth of digital commerce and mobile phones. However, there are still significant challenges. This demonstrates that the payment space is still ripe for innovation.
Cashless payments are ubiquitous in our society. We might assume that facilitating payments is simple. The fact is: enabling payments is extremely complicated. When a consumer makes a single payment, many different entities must be involved. These include the Point of Sale (PoS) system, payment processors, acquiring bank, issuing bank, and merchant.
Moreover, payments go through several stages before being completed. First, the payment…
Connected vehicles have a ton of potential to reshape the way we travel and experience the world. With connected vehicles, any number of everyday tasks can be automated — from paying tolls to ordering take-out.
But the best use case for connected cars is even more basic than that: paying for fuel (or electricity, in the case of electric vehicles.)
Here are four reasons why connected vehicles can and should be used to help automate payments for fuel and electricity:
1. There is a high volume of fuel-related transactions.
For OEMs, deciding what connected vehicle features to include can be…
It’s an eternal question within the startup world: is it more important to offer innovative technology, or an innovative business model? Obviously, there are several different ways to go about building a successful company. But ultimately, it is the sales that makes or breaks a startup.
New and flashy technology is great. However, focusing exclusively on the tech can cause startups to overlook key issues. When consumers make decisions, they rarely think, “is this the latest and greatest tech?” Instead, they want to know that they can use a product and that the product will genuinely meet their needs. A…
The parking industry is always looking to cut costs. Since there’s only so much wiggle room on pricing, lowering expenditures is key to the industry’s profitability.
From the perspective of consumers, convenience is king. They just want to be able to park their cars at a good location without a lot of fuss. For parking providers, then, the question is this: How do we provide consumers with a great parking experience, reasonably priced and at a low cost?
Here are two key principles parking providers need to keep in mind as we think about the future of the industry:
The coronavirus has impacted just about every sector of the economy, and the automotive industry is no exception. If the industry wants to recover from the virus, it will need to adapt connected services — the only space that is currently poised for growth.
How the coronavirus is impacting the automotive industry
Although the pandemic has not eliminated the need for the cars, it’s safe to say that automakers will struggle as the pandemic’s effects continue to ripple across the globe.
There are numerous factors which are likely to contribute to an industry-wide decline:
● In the foreseeable future, more…
These days, most of us don’t leave the house without our smartphones. Even if we’re just taking a short drive to the grocery store, we rely on our smartphones to enhance the experience. We might use our phone’s navigation system to find the fastest route. We play music or a podcast to pass the time in the car. We send off a message to someone else while we’re driving.
But there’s an important question: is the smartphone really the best device to perform all of these functions?
Although this may seem like a no-brainer, it’s not. Because today’s smartphones are…
For the past several years, 5G enthusiasts have told us that the technology is going to change the world. With cellular speeds more than 10 times faster than 4G networks, 5G is supposed to enable a wide range of cool technologies, including connected vehicles and autonomous cars. Supposedly, 5G will improve our smartphone performance while also enabling us to connect more objects to the Internet of Things (IoT).
Yet now that the 5G rollout has begun, the results have been decidedly underwhelming. Based on these initial results, the future of 5G remains unclear.
The underwhelming rollout of 5G
Evgeny Klochikhin, PhD is the CEO of Parkofon, a smart mobility company building a fully connected #MaaS platform. Innovation scholar, data scientist, engineer.