China In-Vehicle Payment Market Research Report 2023: Multimodal Interaction in Your Car – The Next Wave of Secure In-Vehicle Payments – Yahoo Finance

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Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "China In-Vehicle Payment Market Research Report, 2023" report has been added to ResearchAndMarkets.com's offering.

This comprehensive analysis delves into the current state of China's in-vehicle payment market, examining its industry chain components, original equipment manufacturer (OEM) and payment platform layouts, consumer surveys, and development trends.

With the increasing demand for in-vehicle payment solutions, this report explores the rising popularity of this technology that allows for payment through in-vehicle communication and the In-Vehicle Infotainment (IVI) system. In-vehicle payment offers car owners the convenience of paying for various services, such as parking, refueling, food ordering, and shopping, all without leaving their vehicles, resulting in a more seamless and enhanced user experience.

Despite its current relatively low adoption rate, the survey reveals a high willingness among consumers to explore and use in-car payment functionality. Uncover the emerging scenarios where users are already employing in-car payment for parking, highway pass, refueling/charging, and more, and anticipate the promising future of this innovative payment solution in China.

The in-vehicle payment industry chain is taking shape.

In terms of supply chain, in-vehicle payment involves two major segments: in-vehicle payment device and in-vehicle payment platform.

In-vehicle payment devices are led by communication devices (SIM card, communication module and T-Box), interaction devices (touch/voice/ face/gesture/fingerprint interaction), and authentication devices (security chip); in-vehicle payment platforms are primarily cloud platform, payment platform, IVI system, ecosystem service platform, ecosystem service provider, and OEM.

As companies in each industry chain segment worked to make layout in recent years, the in-vehicle payment market has kept growing, with the following two major features.

In-vehicle payment is available to more scenarios.

Foreign automakers including BMW, Mercedes-Benz, Honda and Hyundai, and Chinese automakers such as Great Wall Motor, Xpeng Motors, Geely, Chery and AITO have launched their in-car payment function. They have widely deployed this function in parking, refueling/charging and food ordering scenarios, and are also applying it on a small scale in car wash/maintenance/repair services, feature subscription, ticket booking and other scenarios.

For example, in October 2022, BMW added the BMW ConnectedDrive Store to its IVI system via OTA updates. It enables in-car payment for subscriptions, and 13 features such as front seat heating, steering wheel heating and Carplay through the IVI system.

Multimodal interaction is being added to in-vehicle payment.

At present, the most common in-car payment is scan to pay and password-free payment. As in-car multimodal interaction technology improves, face recognition, fingerprint recognition and voice recognition are becoming the new in-car payment interaction and authentication methods.

For example, Mercedes-Benz has added fingerprint recognition and authentication to its latest in-car payment system PAY+; Chery EXEED TX/TXL supports face verification payment, a function allowing users to pay for parking fees or shopping through face recognition. The addition of multimodal interaction makes in-vehicle payment more secure and convenient.

The ecosystem is a key factor affecting in-car payment.

In the mobile payment system, millions of iOS and Android developers have developed various applications and built very rich application ecosystems, meeting living, work and entertainment needs of consumers and making smartphones an indispensable terminal in users' life.

In the in-car payment system, financial institutions like China UnionPay and VISA have developed a series of in-car payment systems; Alipay, Banma Zhixing and Huawei among others have built a variety of vehicle ecosystem platforms and launched a range of in-car services covering parking, refueling, travel, shopping and other scenarios.

Compared with mobile payment, the in-vehicle payment ecosystem is still weak at this stage, only meeting the payment needs in specific scenarios. With the development of intelligent cockpit and high-level autonomous driving, drivers will be freed from driving tasks in specific scenarios and pay more attention to other in-car needs. At this time, creating an in-car living space and building a closed-loop ecosystem with payment as the entrance will become a big demand.

Story continues

In-vehicle Payment Summary and Trends

Summary of Telematics Development

Development Path of In-vehicle Payment

SWOT Analysis of In-vehicle Payment

Mobile Payment Habit Formation

Technological Environment for In-vehicle Payment

There Will Be Bigger Space to Imagine In-vehicle Payment Data Mining and Application

Of the users who have used in-car payment:

Up to 78.9% use in-car payment for parking;

42.1% use in-car payment for highway tolls;

In-vehicle payment is also often used to pay for refueling/charging fees (31.6%), IVI traffic and APP membership (31.6%), feature subscription (21.1%), car maintenance/repair/wash (15.8%), and car insurance (10.5%);

Fewer users use this function in the scenarios of online food ordering and dining (5.3%) and travel (5.3%).

Key Topics Covered:

1 Overview of In-vehicle Payment1.1 Development History of In-vehicle Payment1.2 Application Scenarios of In-vehicle Payment1.3 In-vehicle Payment System Flow1.4 Mainstream In-vehicle Payment Methods1.5 In-vehicle Payment Industry Chain1.6 In-vehicle Payment Chip1.7 In-vehicle Payment Platform1.8 In-vehicle Payment Ecosystem1.9 In-vehicle Payment Business Layout of OEMs1.10 In-vehicle Payment Patents1.10.1 In-vehicle Payment Patent Map1.10.2 In-vehicle Payment Patent Layout of OEMs1.10.3 In-vehicle Payment Patent Layout of Suppliers1.10.4 In-vehicle Payment Patent Layout of Ecosystem Companies

2 In-vehicle Payment Consumers2.1 Overview of In-vehicle Payment Survey2.2 In-vehicle Payment Usage and Willingness to Use2.3 Frequent Usage Scenarios of In-vehicle Payment2.4 Users' Satisfaction for In-vehicle Payment2.5 Expected Scenarios of In-vehicle Payment2.6 Differences between Actual and Expected Scenarios of In-vehicle Payment2.7 Reasons for Using In-vehicle Payment2.8 Concerns about In-vehicle Payment2.9 In-vehicle Payment Interaction Modes and Payment Method Preferences

3 In-vehicle Payment Layout of OEMs3.1 BMW3.2 Mercedes-Benz3.3 Honda3.4 Hyundai3.5 Renault Samsung Motors3.6 Jaguar Land Rover3.7 Ford3.8 Great Wall Motor3.9 Xpeng Motors3.10 Geely3.11 Chery3.12 AITO3.13 SAIC Volkswagen3.14 SAIC ROEWE3.15 Other OEMs3.15.1 Human Horizons' Layout of In-vehicle Payment Application Scenarios3.15.2 GAC's In-vehicle Payment Patent Filings3.15.3 Xiaomi's In-vehicle Payment Patent Filings

4 In-vehicle Payment Platforms4.1 VISA4.2 China UnionPay4.3 Alipay4.4 Huawei4.5 Other In-vehicle Payment Platforms4.5.1 Xevo4.5.2 IPS Group4.5.3 ZF4.5.4 DABCO

For more information about this report visit https://www.researchandmarkets.com/r/ovqs9s

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China In-Vehicle Payment Market Research Report 2023: Multimodal Interaction in Your Car - The Next Wave of Secure In-Vehicle Payments - Yahoo Finance

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