Mastercard (NYSE:MA) has joined forces with Mercedes-Benz to introduce cutting-edge payment technology, enabling native in-car payments at over 3,600 participating gas stations in Germany.
To access this new payment feature, customers must have current Mercedes-Benz models and German-issued Mastercard credit or debit cards registered in their Mercedes My User accounts. Once registered, customers can utilize a fingerprint sensor integrated into the Mercedes-Benz User Experience (MBUX) infotainment system. The MBUX display incorporates innovative technology to ensure seamless interaction between users and their vehicles.
This innovation allows customers to make digital fuel payments across Germany quickly and securely using their fingerprints. The convenience of this payment method is expected to expand to other vehicle-related services and across additional European markets in the future, eliminating the need for PINs or mobile device authentication at the point of sale.
This new capability has been made possible through the integration of Mastercard Secure Card on File for Commerce Platforms technology into Mercedes-Benz car models. This technology utilizes unique cryptograms to encrypt transaction data, ensuring the security of sensitive payment information.
Mastercard’s latest initiative underscores its commitment to providing modernized payment solutions to promote the adoption of digital payments in consumers’ everyday lives. In this case, the focus is on simplifying the journeys of car drivers across various European markets.
Mastercard’s expanded digital suite, achieved through strategic partnerships and significant investments, is poised to establish a robust presence in the thriving digital landscape of Europe. The global trust associated with Mastercard is expected to encourage more consumers to embrace new forms of digital payments in their daily activities.
The increased adoption of Mastercard’s solutions may lead to higher revenues for the company. Additionally, the addition of a highly convenient contactless payment feature to Mastercard’s card offerings in Germany is likely to attract more customers nationwide, expanding its cardholder base.
Mastercard’s stock has exhibited strong performance, gaining 40.5% in the past year, surpassing the industry’s growth of 24.8%.
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