In-Vehicle Payment Services Market Size

In-Vehicle Payment Services Market Size

In-Vehicle Payment Services Market size exceeded USD 600 million in 2021 and is estimated to grow at over 50% CAGR between 2022 and 2028. Increasing demand from vehicle owners for ordering the food & coffee and paying bills at fuel stations and restaurants is likely to drive the industry growth. Also, technological advancements, such as connected vehicle technologies and IoT, are anticipated to support the market demand.

The rising demand for more interactive in-vehicle infotainment systems is enabling the automotive manufacturers to integrate the payment and shopping capabilities into their vehicle dashboards. The increasing emphasis on the contactless payments is another factor fueling the industry statistics.

The in-vehicle payment service technology is a digital payment technology that allows vehicle owners to purchase goods and services from the vehicle without any payment devices. In-vehicle payment services allow drivers to streamline fund transaction service and increase operational efficiency at fuel stations. In-vehicle payments are the new Human Machine Interface (HMI) trends in automotive.
 

The COVID-19 restrictions across the globe resulted in social distancing and increase in the usage of contactless payments to avoid any potential exposure to coronavirus. This has created more opportunities to adopt the in-vehicle payment services. Many restaurants and cafes have used the in-vehicles payment services to ensure contactless delivery during this pandemic.