Car IQ joins Visa’s Fintech Fast Track program
Car IQ works with Visa to deliver secure and autonomous payments for the automotive industry
SAN FRANCISCO, 27 September 2022 /PRNewswire/ — Car IQ®, an innovative provider of vehicle payment solutions, announced today that it has joined Visa’s Fintech Fast Track program, accelerating the process of integrating with Visa, a world leader in digital payments. As a Fintech Fast Track partner, Car IQ can more easily leverage the reach, capabilities and security offered by VisaNet, the company’s global payment network.
This new offering will give Car IQ the opportunity to expand the reach of its payment solution that provides fleet customers with an easier and more secure way to pay for fuel, parking and more. Car IQ Pay‘s proprietary technology simplifies the payment process by allowing any vehicle to connect directly to a merchant and pay for services without using a credit card. Car IQ validates the vehicle when it arrives at a fuel location, approves the source of funds and turns on the pump. Once fueling is complete, Car IQ Pay allows the vehicle to pay for the fuel and confirm that the fuel was received.
Car IQ‘s fleet customers will be able to add their vehicles to their bank accounts, pay for fuel, EV charging, tolls, parking, insurance and more, while sellers and suppliers will be able to accept payments from Car IQ Pay. Car IQ‘The new identity verification technology ensures the vehicle can be trusted to transact and enforces specific fleet restrictions to reduce fraud.
By joining Visa’s Fintech Fast Track program, startups like Car IQ have the opportunity to access Visa’s global partner network, and industry experts who can provide guidance to help them get off the ground in the most efficient way possible. Learn more about Visa’s Fintech Fast Track program at https://Partner.Visa.com.
“As part of the Visa Fintech Fast Track, Car IQ Pay uses their network to make it easy for merchants to accept payments from cars, and to let vehicles pay for things,” said Sterling Pratz, CEO of Car IQ. “We see a market opportunity of 200 million vehicles to bring to the Visa network, which are accepted by 80 million merchant locations globally. Our first focus is on fleets, and we are using Visa’s network to support global merchant acceptance and increase payment volume.”
“We are excited to work with partners like Car IQ to create seamless payment solutions for the connected car ecosystem,” said Vanessa Colella, SVP and global head of innovation and digital partnerships at Visa. “By joining Visa’s Fintech Fast Track program, exciting Fintechs like Car IQ gain access to Visa expertise, technology and resources to effectively scale and bring innovative solutions to market.”
About Car IQ Inc.
Car IQ® Inc. has created an automotive payment network that eliminates the need for credit cards and enables all vehicles to connect directly to merchants and transact directly, securely and autonomously. Car IQ‘s payment solution is aimed at increasing user-friendliness by delivering value and reducing fraud and risk for fleets and participating sellers. The Car IQ payment solution replaces existing fleet card products and eliminates tedious back office vehicle reconciliation for fleets.
SOURCE Car IQ
