BASINGSTOKE, England, Nov 15 (Bernama-BUSINESS WIRE) — A new study from Juniper Research has found the global transaction volume of in-vehicle payments will exceed 4.7 billion by 2026, up from just 87 million in 2021. In-vehicle payments are those where payments are made via vehicle systems, without requiring use of a smartphone to process the transaction.
This extraordinary growth of over 5,300% in the next 5 years will be driven by increasing industry collaboration and initiatives from vehicle manufacturers, aimed at reducing the high level of fragmentation between different in-vehicle marketplaces. Payments vendors will need to quickly develop new capabilities in order to capitalise on this growing opportunity. As a result, we anticipate the rate of acquisitions and partnerships to intensify to meet these urgent requirements.