E-commerce is one of the most growing financial sectors. The use of e-wallets and fast commerce is the direction where the world is moving to. This motivated leading companies like Visa an SiriusXM to partner for a batter commerce experience. The target is the In-Vehicle commerce, where they wanted to affect the time spent in vehicals, adding commerce to the equation. SiriusXM is a platform connected to vehicles which allow the use of multiple services on the road.
The main product released by the two entities is the SiriusXM e-wallet. This allows drivers to conduct all shopping transactions using their vehicles allowing them to assess their on-road time and pay faster. Visa agreed on the partnership to allow users to use their Visa accounts. The company focused on providing simpler and safer ways to conduct the transactions, including voice transactions and of course touchscreens for confirmations. This way they ensure complete focus of drivers on the road, keeping the trip as safe as possible.
Powered by Visa and SiriusXM application programming interfaces (APIs), many different safety features and transaction levels are added to help maintain transactions safe. Different biometric confirmations are needed which prevents any misconducting in payment.
Reaching this technology will be possible as Visa has taken steps to induct all their worldwide retailers, providing them with the needed upgrades. New protocols are created to help secure authentication and establish real-time connectivity. This service is expected to affect the economy of the e-commerce system as it opens a new gate for online purchase. It is well devices that humans spend most their time in cars; utilizing this dead time is what Vis and SiriusXM are planning to achieve to impact the economy.