The global automotive payment market is expected to exceed $580 billion by 2030, fueled by the anticipated increase to 895 million connected vehicles, according to a recent report by Pairpoint and STL Partners.
The report, titled Fuelling the Future: The $580 Billion In-Car Payment Opportunity, highlights how in-car payments are set to revolutionize the industry. This transformation will primarily stem from payments for services such as parking and EV charging (70%), followed by e-commerce platforms for goods and services like food, beverages, and entertainment (25%), and other functionalities (5%). The market is projected to grow at an astonishing annual rate of 130% from 2023 to 2030, emphasizing the critical role of vehicle connectivity in the automotive sector’s future.
Pairpoint, a leader in the Economy of Things, underscores the significance of vehicle connectivity in enhancing how drivers engage with everyday services. The report details how connected vehicles will facilitate a broad spectrum of in-car transactions.
In-car payments are highlighted as a major innovation, enabling drivers to carry out transactions automatically and securely through their vehicle’s software. The global connected vehicle market is also set to expand from 430 million to 895 million vehicles during this timeframe.
This technology is poised to transform the driving experience by providing various services, including pay-as-you-drive insurance, remote vehicle monitoring, real-time driver information, and automatic emergency calls. One of the key advantages is the ability to make payments directly from the car—eliminating the need for physical cards or mobile apps—for fuel, EV charging, and parking.
The study projects that the automotive services market will be predominantly represented by payments for parking and EV charging (70%), e-commerce platforms for goods and services (25%), and other functionalities (5%).
Jorge Bento, CEO of Pairpoint, stated: “Advanced connectivity is a catalyst for new ways of interacting with modern vehicles. Integrating native payment functionality will enable more secure, real-time, automatic utilization of everyday services such as parking, EV charging, refueling, and more. At Pairpoint, we are committed to using our technology to foster a robust partner ecosystem, driving both adoption and scalability.”