Kagan: Mobile pay now means paying with your car

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This may sound far-fetched, but it’s absolutely true. Wireless or mobile payment technology gives us the ability to pay for things with our credit card, smartphone and now with our automobile. What? You can charge purchases with your car? Sound crazy? Yes, but that’s just part of all the exciting changes that are reshaping the wireless and banking industries.

Today, in the middle of the Covid-19 pandemic, people are looking for safer ways to charge purchases. The money apps on smartphones like iPhone and Android are hot and continually growing. But it’s not stopping there.

Mobile payment technology lets you charge purchases with your automobile

The way this mobile payment technology works is some new automobiles have the ability to store payment apps. Then you simply use these to make purchases from your car. You simply register your credit card with your car.

Then you can control the purchase from the screen on your dashboard or on your smartphone. When you pull up to a gas pump or a drive-in restaurant window, their technology will talk with your cars mobile pay technology.

Mobile pay similar to Amazon Go retail store payment technology

This is a similar to what we find in the new Amazon stores where they track you when you enter, track what you have in your cart and charge your mobile wallet as you leave the store.

Mobile payment technology continues to advance.

This technology has been with us for a few years already. However, with coronavirus people like this level of safety and it is growing rapidly.

While new cars have the technology built in, we should also be able to install this technology on older vehicles.

These new kinds of mobile pay technology will continue to grow and expand as we move ahead. They will change everything about the way we think of doing business.

And we are still in the very early innings of this new and transformative technology.

Companies and industries working together on mobile pay

Automobile payment technology involves many different companies in many different industries who are working together bringing this to reality. Think car manufacturers, credit card companies, technology servicing companies and many others.

Today, only a few automobile companies and credit card companies are dabbling in this roughly one-billion-dollar area. However, in coming years this will increasingly grow and eventually become as mainstream as paying with our smartphones are.

Like with other new technologies, it starts out with the early adopters. They are currently using this mobile pay and working with the companies to improve and streamline operations.

Fred Flintstone vs. George Jetson in mobile pay

Expect Mobile Pay to continue to grow going forward. As every year passes, what is new and uncomfortable for many users will become mainstream and eventually wave after wave of new users will enter the space.

If we look ahead five years, the fear of the unknown will fade, and this will be a mainstream service. It will be available in new cars and there will also be ways to integrate this into older cars.

In fact, if we look ahead our kids who will have grown up with this new technology will not know any other way to do business. Just like kids who grow up with the iPhone or Android smartphones today.

In fact, don’t be surprised if our kids look at us and think we are like Fred Flintstone compared to George Jetson of today. Who knows… maybe they are right? With that said, hey Wilma… are the dino-burgers ready yet?



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