Business

Discover partners to launch auto fleet payment system

Posted August 25, 2020 1:00 am

RIVERWOODS - Discover and Car IQ, a California based financial technology startup, have partnered to create a new payment platform for machine-initiated payments beginning with automotive fleets.

Fleet vehicles that are connected to the Car IQ platform will be able to transact autonomously to pay for services through the infrastructure of the Discover Global Network.

Car IQ has developed a touchless machine payment platform that turns the vehicle into a payment mechanism and enables it to automatically initiate and complete payments for services such as service/repair, tolls, fuel, insurance, parking and more. Once the service is complete, the vehicle generates a payment file for Discover to be paid via a virtual card transaction over the Discover Commercial Payments Network.

This advance of allowing a vehicle to pay for services on its own signals a major step forward in simplifying fleet payments by making the vehicle accountable for handling the day-to-day payments automatically.

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