This in-Vehicle Payment Services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The in-vehicle payment services market size has grown rapidly in recent years. It will grow from $4.27 billion in 2024 to $4.73 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to consumer convenience, rise of connected vehicles.
The in-vehicle payment services market size is expected to see rapid growth in the next few years. It will grow to $7.14 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to continued connectivity advances, increased focus on in-car commerce security enhancements, regulatory support and standardization, integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, rise of subscription-based models.
The increasing preference for contactless payments is playing a crucial role in the expansion of the in-vehicle payment services market. The COVID pandemic prompted a substantial shift toward contactless payments, further bolstered by the advanced and seamless functionality of payment systems. For instance, in June 2024, the U.S. government reported that the current-account deficit rose by $15.9 billion to $237.6 billion in the first quarter of 2024, reflecting a larger goods trade deficit. This increase accounted for 3.4 percent of current-dollar GDP, up from 3.2 percent in the previous quarter, with the revised deficit for the fourth quarter being $221.8 billion. Consequently, the growing preference for contactless payments is expected to drive the growth of the in-vehicle payment services market in the future.
The growing adoption of IoT technology is anticipated to significantly boost the in-vehicle payment services market in the future. The Internet of Things (IoT) comprises a network of physical objects, vehicles, appliances, and other items embedded with sensors, software, and various technologies designed to connect and exchange data with other IoT devices and the cloud. IoT facilitates the conversion of data generated by IoT devices into payment decisions, enabling in-vehicle payments without the need for explicit user input. Additionally, it supports in-vehicle payment services by allowing connected devices to have payment capabilities. For instance, in May 2022, the State of IoT - Spring 2022 report from IoT Analytics noted that there were 12.2 billion active endpoints in 2021, marking an 8% increase in total IoT connections. The IoT industry is expected to grow by 18%, reaching 14.4 billion active connections in 2022, with approximately 27 billion linked IoT devices anticipated by 2025. Hence, the increasing adoption of IoT technology is a driving force behind the growth of the in-vehicle payment services market.
Key players in the in-vehicle payment services market are pursuing strategic collaborations and partnerships to develop advanced in-vehicle payment service solutions and strengthen their competitive positions. For example, in July 2023, CarIQ Technologies Pvt. Ltd., an India-based software firm, teamed up with Visa Inc., a U.S.-based credit card service provider, to introduce Vehicle Wallet. Car IQ Pay allows vehicles to manage payment accounts and conduct transactions with merchants without the need for physical cards. By partnering with Visa, this technology enhances the connected vehicle market, offering personalized payment experiences based on vehicle data. Its "Know Your Machine™" feature ensures vehicle identity verification for secure and seamless transactions.
Leading companies in the in-vehicle payment services market are forming strategic collaborations and partnerships to develop advanced in-vehicle payment service solutions and enhance their competitive advantage. These alliances enable in-vehicle payment service providers to deliver an improved customer experience by offering more seamless and integrated payment solutions. For example, in September 2023, Hyundai Motor America, a U.S.-based automotive company, collaborated with Parkopedia, a UK-based connected car services provider, to introduce Hyundai Pay, an in-vehicle payment system that enables customers to locate and pay for services using their vehicle's touchscreen and securely stored credit card information.
In February 2022, Fidelity Information Services, a U.S.-based financial services firm, acquired Payrix for an undisclosed sum. This acquisition is intended to enhance Fidelity Information Services' embedded payments and finance solutions for small and medium-sized businesses (SMBs), broaden its e-commerce capabilities, and enable seamless integration within Software as a Service (SaaS) platforms. Payrix, a private banking company based in Georgia, integrates its services with vehicle payment solutions to streamline payment processing and improve the customer experience by offering flexible options. This partnership enhances efficiency, security, and financial reporting for dealerships.
Major companies operating in the in-vehicle payment services market include Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Parkwhiz, Rivian Automotive Inc., PayByCar.
North America was the largest region in the in vehicle payment services market in 2024. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the in-vehicle payment services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
In-vehicle payment services empower car owners to make purchases directly from their dashboards, eliminating the need for a smartphone or other external devices, as the vehicle handles the transactions. These services facilitate payments directly from the vehicles.
The primary modes of payment in in-vehicle payment services include QR code or RFID, app-based or e-wallet, credit or debit card-based, and other methods. QR codes or RFID tags are employed for payments by scanning the QR codes or RFID tags, with RFID tags using radio waves to communicate the data for transactions. In-vehicle payment systems come in various forms, including embedded systems, tethered systems, and integrated systems, catering to different vehicle types such as passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and automated guided vehicles. Several applications of in-vehicle payment services include shopping, transactions at gas or charging stations, purchases of food and beverages, toll collection, parking payments, and other related applications.
The in vehicle payment services market research report is one of a series of new reports that provides in vehicle payment services market statistics, including in vehicle payment services market industry global market size, regional shares, competitors with an in vehicle payment services market share, detailed in vehicle payment services market segments, market trends and opportunities, and any further data you may need to thrive in the in vehicle payment services industry. This in vehicle payment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The in vehicle payment services market includes revenues earned by entities by RFID and BLE technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The in-vehicle payment services market size has grown rapidly in recent years. It will grow from $4.27 billion in 2024 to $4.73 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to consumer convenience, rise of connected vehicles.
The in-vehicle payment services market size is expected to see rapid growth in the next few years. It will grow to $7.14 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to continued connectivity advances, increased focus on in-car commerce security enhancements, regulatory support and standardization, integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, rise of subscription-based models.
The increasing preference for contactless payments is playing a crucial role in the expansion of the in-vehicle payment services market. The COVID pandemic prompted a substantial shift toward contactless payments, further bolstered by the advanced and seamless functionality of payment systems. For instance, in June 2024, the U.S. government reported that the current-account deficit rose by $15.9 billion to $237.6 billion in the first quarter of 2024, reflecting a larger goods trade deficit. This increase accounted for 3.4 percent of current-dollar GDP, up from 3.2 percent in the previous quarter, with the revised deficit for the fourth quarter being $221.8 billion. Consequently, the growing preference for contactless payments is expected to drive the growth of the in-vehicle payment services market in the future.
The growing adoption of IoT technology is anticipated to significantly boost the in-vehicle payment services market in the future. The Internet of Things (IoT) comprises a network of physical objects, vehicles, appliances, and other items embedded with sensors, software, and various technologies designed to connect and exchange data with other IoT devices and the cloud. IoT facilitates the conversion of data generated by IoT devices into payment decisions, enabling in-vehicle payments without the need for explicit user input. Additionally, it supports in-vehicle payment services by allowing connected devices to have payment capabilities. For instance, in May 2022, the State of IoT - Spring 2022 report from IoT Analytics noted that there were 12.2 billion active endpoints in 2021, marking an 8% increase in total IoT connections. The IoT industry is expected to grow by 18%, reaching 14.4 billion active connections in 2022, with approximately 27 billion linked IoT devices anticipated by 2025. Hence, the increasing adoption of IoT technology is a driving force behind the growth of the in-vehicle payment services market.
Key players in the in-vehicle payment services market are pursuing strategic collaborations and partnerships to develop advanced in-vehicle payment service solutions and strengthen their competitive positions. For example, in July 2023, CarIQ Technologies Pvt. Ltd., an India-based software firm, teamed up with Visa Inc., a U.S.-based credit card service provider, to introduce Vehicle Wallet. Car IQ Pay allows vehicles to manage payment accounts and conduct transactions with merchants without the need for physical cards. By partnering with Visa, this technology enhances the connected vehicle market, offering personalized payment experiences based on vehicle data. Its "Know Your Machine™" feature ensures vehicle identity verification for secure and seamless transactions.
Leading companies in the in-vehicle payment services market are forming strategic collaborations and partnerships to develop advanced in-vehicle payment service solutions and enhance their competitive advantage. These alliances enable in-vehicle payment service providers to deliver an improved customer experience by offering more seamless and integrated payment solutions. For example, in September 2023, Hyundai Motor America, a U.S.-based automotive company, collaborated with Parkopedia, a UK-based connected car services provider, to introduce Hyundai Pay, an in-vehicle payment system that enables customers to locate and pay for services using their vehicle's touchscreen and securely stored credit card information.
In February 2022, Fidelity Information Services, a U.S.-based financial services firm, acquired Payrix for an undisclosed sum. This acquisition is intended to enhance Fidelity Information Services' embedded payments and finance solutions for small and medium-sized businesses (SMBs), broaden its e-commerce capabilities, and enable seamless integration within Software as a Service (SaaS) platforms. Payrix, a private banking company based in Georgia, integrates its services with vehicle payment solutions to streamline payment processing and improve the customer experience by offering flexible options. This partnership enhances efficiency, security, and financial reporting for dealerships.
Major companies operating in the in-vehicle payment services market include Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Parkwhiz, Rivian Automotive Inc., PayByCar.
North America was the largest region in the in vehicle payment services market in 2024. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the in-vehicle payment services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
In-vehicle payment services empower car owners to make purchases directly from their dashboards, eliminating the need for a smartphone or other external devices, as the vehicle handles the transactions. These services facilitate payments directly from the vehicles.
The primary modes of payment in in-vehicle payment services include QR code or RFID, app-based or e-wallet, credit or debit card-based, and other methods. QR codes or RFID tags are employed for payments by scanning the QR codes or RFID tags, with RFID tags using radio waves to communicate the data for transactions. In-vehicle payment systems come in various forms, including embedded systems, tethered systems, and integrated systems, catering to different vehicle types such as passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and automated guided vehicles. Several applications of in-vehicle payment services include shopping, transactions at gas or charging stations, purchases of food and beverages, toll collection, parking payments, and other related applications.
The in vehicle payment services market research report is one of a series of new reports that provides in vehicle payment services market statistics, including in vehicle payment services market industry global market size, regional shares, competitors with an in vehicle payment services market share, detailed in vehicle payment services market segments, market trends and opportunities, and any further data you may need to thrive in the in vehicle payment services industry. This in vehicle payment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The in vehicle payment services market includes revenues earned by entities by RFID and BLE technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. in-Vehicle Payment Services Market Characteristics3. in-Vehicle Payment Services Market Trends and Strategies4. in-Vehicle Payment Services Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global in-Vehicle Payment Services Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the in-Vehicle Payment Services Market34. Recent Developments in the in-Vehicle Payment Services Market
5. Global in-Vehicle Payment Services Growth Analysis and Strategic Analysis Framework
6. in-Vehicle Payment Services Market Segmentation
7. in-Vehicle Payment Services Market Regional and Country Analysis
8. Asia-Pacific in-Vehicle Payment Services Market
9. China in-Vehicle Payment Services Market
10. India in-Vehicle Payment Services Market
11. Japan in-Vehicle Payment Services Market
12. Australia in-Vehicle Payment Services Market
13. Indonesia in-Vehicle Payment Services Market
14. South Korea in-Vehicle Payment Services Market
15. Western Europe in-Vehicle Payment Services Market
16. UK in-Vehicle Payment Services Market
17. Germany in-Vehicle Payment Services Market
18. France in-Vehicle Payment Services Market
19. Italy in-Vehicle Payment Services Market
20. Spain in-Vehicle Payment Services Market
21. Eastern Europe in-Vehicle Payment Services Market
22. Russia in-Vehicle Payment Services Market
23. North America in-Vehicle Payment Services Market
24. USA in-Vehicle Payment Services Market
25. Canada in-Vehicle Payment Services Market
26. South America in-Vehicle Payment Services Market
27. Brazil in-Vehicle Payment Services Market
28. Middle East in-Vehicle Payment Services Market
29. Africa in-Vehicle Payment Services Market
30. in-Vehicle Payment Services Market Competitive Landscape and Company Profiles
31. in-Vehicle Payment Services Market Other Major and Innovative Companies
35. in-Vehicle Payment Services Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
in-Vehicle Payment Services Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on in-vehicle payment services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for in-vehicle payment services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The in-vehicle payment services market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) Covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Mode of Payment: QR Code or RFID; App-Based or E-Wallet; Credit or Debit Card-Based; Other Modes2) By Form Factor: Embedded System; Tethered System; Integrated System
3) By Vehicle Type: Passenger Cars; Light Commercial Vehicles (LCVs); Heavy Commercial Vehicles (HCVs); Automated Guided Vehicles
4) By Application: Shopping; Gas or Charging Stations; Food and Beverages; Toll Collection; Parking; Other Applications
Subsegments:
1) By QR Code or RFID: QR Code Payments; RFID Tags2) By App-Based or E-Wallet: Mobile Payment Apps; Digital Wallets
3) By Credit or Debit Card-Based: Contactless Card Payments; Chip and PIN Transactions
4) By Other Modes: Biometric Payments; Cash Payments
Key Companies Mentioned: Mastercard Inc.; the Mercedes-Benz Group AG; Jaguar Land Rover Automotive PLC; Honda Motor Co. Ltd.; Hyundai Motor Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this In-Vehicle Payment Services market report include:- Mastercard Inc.
- The Mercedes-Benz Group AG
- Jaguar Land Rover Automotive PLC
- Honda Motor Co. Ltd.
- Hyundai Motor Company
- ZF Friedrichshafen AG
- Amazon. com Inc.
- Google LLC
- International Business Machines Corporation
- Telenav Inc.
- Xevo Inc.
- CarPay Diem Cerence Inc.
- PayPal Holdings Inc.
- Bayerische Motoren Werke AG
- Ford Motor Company
- General Motors Company
- Volkswagen AG
- VISA Inc.
- Harman International Industries Inc.
- Audi AG
- Panasonic Corporation
- CarIQ Technologies Pvt. Ltd.
- BlackBerry Limited
- Parkwhiz
- Rivian Automotive Inc.
- PayByCar
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 4.73 Billion |
| Forecasted Market Value ( USD | $ 7.14 Billion |
| Compound Annual Growth Rate | 10.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 27 |
