Since the 1950s, payments changed a lot. Now, they are Machine initiated!
From cash to machine payment, we’ve been through card, web and phone payment solutions. These steps aimed at facilitating human intervention during the process. In the mobility space, drivers need to spend a minimum of time in the payment execution in order to improve delivery.
The following article by Doering Fleet Management covers how payments changed over time.
‘’Machine payments remove the need for physical cards and their associated and costly issuance and replacement processes.
Connected machines also bring a wealth of data to payment transactions. In addition to being self-aware of their current state and immediate needs, there is also usually a record of their historical behavior, and predictive analytics can inform their future needs as well.
Having such a comprehensive view of context is unique and unmatched in any other payment channel.’’
Our portfolio company, Car IQ is the first payment solution developed for vehicles and fleets.