Car IQ joins Visa’s Fintech Fast Track program

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Car IQ works with Visa to provide secure and autonomous payments for the automotive industry

SAN FRANCISCO, September 27, 2022 /PRNewswire/ — Car IQ®, an innovative provider of vehicle payment solutions, today announced that it has joined Visa’s Fintech Fast Track program, accelerating the process of onboarding with Visa, a global leader in digital payments. . As a Fintech Fast Track Partner, Car IQ can more easily take advantage of the reach, capabilities and security offered by VisaNet, the company’s global payment network.

This new offering will give Car IQ the ability to extend the reach of its payment solution which provides fleet customers with an easier and more secure way to pay for fuel, parking, and more. Car IQ PayS’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 refueling point, approves the source of funds and turns on the pump. Once refueling is complete, Car IQ Pay allows the vehicle to pay for fuel and verify that fuel has been received.

car IQFleet customers will be able to add their vehicles to their bank accounts, pay for fuel, EV charging, tolls, parking, insurance and more, while merchants and vendors will be able to accept payments from Car IQ Pay. car IQNew identity verification technology ensures the vehicle is reliable for transacting and enforces fleet-specific restrictions to mitigate fraud.

By joining Visa’s Fintech Fast Track program, startups like Car IQ have the opportunity to access Visa’s global network of partners and industry experts who can provide guidance to help them get started in the most efficient way. effective as possible. Learn more about Visa’s Fintech Fast Track program at https://Partner.Visa.com.

“As part of Visa Fintech Fast Track, Car IQ Pay uses its network to make it easy for merchants to accept payments from cars and enable vehicles to 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 is accepted by 80 million merchants globally. Our primary focus is fleets, and we are using Visa’s network to support global acceptance. merchants 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 have access to Visa’s experts, technology and resources to scale efficiently and bring innovative solutions to market.”

About Car IQ Inc.

Car IQ® Inc. has created a payment network for cars, which eliminates the need for credit cards and allows all vehicles to connect directly to merchants and transact directly, securely and autonomously . car IQs payment solution aims to facilitate ease of use by delivering value and reducing fraud and risk for participating fleets and merchants. The Car IQ payment solution replaces incumbent fleet card products and eliminates tedious back-office vehicle reconciliation for fleets.

SOURCE Car IQ

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