Automotive FinTech and Autonomous Vehicle Industry: News Update | News

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In this blog series, we will unpack the latest news in the smart mobility industry in a little more detail. Each week we will focus on new topics and cover new stories and research that have caught our attention. This time we discuss in-vehicle payment technology and the driverless car market…

Integrating digital payments into vehicles could be the next step for connected cars, the world’s first self-driving truck is on the way, and the market for autonomous vehicles is growing exponentially. We keep you updated on the latest in smart mobility – with insights into how Wejo’s Smart Mobility For Good™ products and solutions can empower change.

FinTech: As car technology evolves, could the future of digital payments involve paying for groceries and paying parking fines from our vehicle?

This gives opportunities for our vehicles to become more than just means of transport.

With cars becoming more intelligent, consumers will soon be able to pay for things like fuel, parking and tolls, all from the comfort of the driver’s seat. No more winding down windows fumbling around trying to find your wallet or phone.

More intelligent and connected vehicles will create a far more seamless experience for drivers, imagine your vehicle knowing it is low on fuel, ordering the right amount at the nearest station and paying for it – all you have to do is confirm the action on the driver- interface.

This potential has been fueled by the EV car markets, where OEMs have been forced to redesign vehicles from the chassis up, reinventing on-board systems to be more driver-focused.

Hear from Wejo’s EVP of Strategy Sarah Larner’s take on this story and the potential for in-vehicle payments.

CarScoops: World’s first self-driving hydrogen truck begins testing in 2024 after $8 million in funding

Hydrogen-powered vehicles are coming, and what’s more, they are autonomous…

A consortium led by HVS in the UK has received funding to develop and deliver the world’s first hydrogen-powered autonomous trucks.

£6.6 million ($8.07 million) will be used to create two prototype vehicles. One will have a cab while also having a human safety driver at the wheel, the other will be fully autonomous and replace the cab with a more aerodynamic front.

The aim is to develop the next generation of logistics and demonstrate the potential AVs have in the transport sector.

How Wejo Accelerates AV Development >

Last September, Wejo unveiled DLIVEREE™: an AV prototype designed to develop and demonstrate Wejo’s Autonomous Vehicle Operating System (AV-OS) that will draw on live, real-time connected vehicle data to support future AV development, testing and operations.

The AV prototype enables Wejo to build, test and demonstrate Wejo’s live API data that powers AV development projects – including shipping, delivery and use cases for robotic axes or driving cars. In the words of Wejo’s founder and CEO, “Wejo is not entering the race to develop autonomous vehicles, but we are driving AV adoption forward, and the prototype we are developing will demonstrate how Wejo’s AV-OS can empower AV developers by rapidly accelerating innovation to realize the full potential of AVs.”

Robotics and automation: Global market size for autonomous cars will reach $16 billion by 2030

The demand for connected vehicles and the implementation of Internet of Things (IoT) technology, combined with the rise of smart cities, is driving the AV market – according to a new report from Verified Market Research.

Countries such as Canada, Mexico and the US are focusing on digital infrastructure to enable further connectivity between vehicles and infrastructure – ultimately improving the driver experience.

This data is also helping to drive the autonomous and semi-autonomous vehicle markets, as the data helps inform better testing and gives AVs more accurate data in real time – reducing congestion and improving the safety of our roads, taking our cities one step closer to becoming truly smart cities.

This desire and the increased demand for more connected vehicles is helping to drive the autonomous vehicle market

Discover Wejo’s intelligent AV OS >

At this point, two of the biggest challenges facing the AV industry are the lack of communication between autonomous vehicles, and the sheer amount of data that researchers are sifting through. Fortunately, Wejo has the solution. Instead of launching our own AVs, we’re improving what’s available to consumers. To do this, we created Neural Edge – a platform that enables OEMs to reduce big data costs, and reduce costs in the process. We have also built a simulation environment called Better Twin to give us better insight into how people behave before, during and after a vehicle incident. Ultimately, our goal is to help the AV industry in their journey towards optimizing the offering for autonomous vehicles.

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As always, if you’ve come across a story you think is worth sharing, or you’d like to provide input on what we’ve covered this week, drop us a line.