Nizel Pradhan
Car IQ is working with Visa to deliver secure and autonomous payments for the automotive industry
Car IQ®, an innovative provider of vehicle payment solutions, today announced it has joined Visa’s Fintech Fast Track program, speeding up the process of integrating with Visa, a world leader in digital payments. As a Fintech Fast Track partner, Car IQ can more easily leverage the reach, capabilities, and security that VisaNet, the company’s global payment network, offers.
This new offering will give Car IQ the ability to extend the reach of its payment solution that provides fleet customers an easier, more secure way to pay for fuel, parking, and more. Car IQ Pay’s proprietary technology simplifies the payment process by allowing any vehicle to connect directly to a merchant and pay for services without using a credit card. Car IQ validates the vehicle when it arrives at a fueling location, approves the source of funds and turns on the pump. Once fueling is complete, Car IQ Pay enables the vehicle to pay for the fuel and verify the fuel was received.
Car IQ’s fleet customers will be able to add their vehicles to their bank accounts, to pay for fuel, EV charging, tolling, parking, insurance and more while merchants and vendors will be able to accept payments from Car IQ Pay. Car IQ’s new identity verification technology ensures the vehicle can be trusted to transact and enforces specific fleet restrictions to mitigate fraud.
By joining Visa’s Fintech Fast Track Program, startups like Car IQ have the ability to access Visa’s global partner network, and industry experts who can provide guidance in helping them get up and running in the most efficient way possible. Learn more about Visa’s Fintech Fast Track program at https://Partner.Visa.com.
“As a part of the Visa Fintech Fast Track, Car IQ Pay is using their network to make it easy for merchants to accept payments from cars, and to allow vehicles to pay for things,” said Sterling Pratz, CEO of Car IQ. “We see a market opportunity of 200 million vehicles to bring to the Visa network, which is accepted by 80 million merchant locations globally. Our first focus is on fleets, and we are using Visa’s network to support global merchant acceptance and drive payment volume.”
“We’re excited to work with partners like Car IQ in creating seamless payment solutions for the connected car ecosystem,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships at Visa. “By joining Visa’s Fintech Fast Track program, exciting Fintechs like Car IQ gain access to Visa experts, technology, and resources to efficiently scale and bring innovative solutions to market.”
Car IQ® Inc. has created a payment network for cars, that eliminates the need for credit cards and enables all vehicles to connect directly to merchants and transact directly, securely and autonomously. Car IQ’s payment solution is aimed at driving ease of use by delivering value and reducing fraud and risk for fleets and participating merchants. The Car IQ payment solution replaces incumbent fleet card products and eliminates tedious back-office vehicle reconciliation for fleets.
