Connected cars and fobs for credit card payments

fobpayThe connected car is now becoming a way to sign up for a car lease and also GM key fobs may used to pay for services at merchants. The credit world is showing the future of payments at Money 20/20 in Las Vegas, this week.

DocuSign and Visa showcased a new proof-of-concept that brings together secure contracts and payments made online via a connected car. The DocuSign demo showcases how consumers can drive a car off the lot in a matter of minutes after securely signing all documents and paying electronically right from the driver’s seat.

The news release claims it simplifies the process of leasing or buying a car by automating all the steps into a seamless, completely secure electronic environment.

The technology enables the car to manage services like auto insurance, lease payments or even tolls and parking. The proof-of-concept was developed using the blockchain and brings DocuSign’s Digital Transaction Management (DTM) platform, eSignature solution and APIs together with the Visa Token Service for secure payment processing.

MasterCard introduced a new program that will bring MasterCard payments to a wide array of consumer products across the automotive, fashion, technology, wearables, and yet to be imagined categories.

Users can monitor transactions and accounts through an app on a smartphone, and  remotely turn off the payment feature in a for or key when it is lost or stolen. The payment can be made through existing MasterCard credit card accounts, and earn loyalty or rewards points.