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Yahoo
2 days ago
- Automotive
- Yahoo
In-car payments are set to soar. What banks need to know.
The payments industry is driving forward with plans to allow consumers to seamlessly pay for gas, parking, charging and more from their vehicles. Embedding payments within cars has been a slow go, with multiple fits and starts. Still, a 2021 study from Juniper Research predicted that global transaction volume of in-vehicle payments—made via vehicle systems as opposed to smartphones—will exceed 4.7 billion by 2026, up from 87 million in 2021. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You With embedded and invisible payments becoming more ubiquitous, some industry professionals expect to see more use cases within the automotive industry. It's largely a question of timing, according to Chris Uriarte, partner at Glenbrook Partners. "We can all envision a future where you drive your car anywhere, and whether it's parking, charging, a McDonald's drive-through or a toll plaza, it just seamlessly works," Glenbook's Uriarte told American Banker. "I think it's just a question of getting the industry moving in the right direction together." Here's what banks need to know about where embedded payments in autos stand today and where the future could be headed: Major card manufacturers have enabled embedded payments Several manufacturers have rolled out embedded technology within their vehicles in the past few years. Others have been mulling how to best enable embedded payments for use cases that include fuel, parking, charging and payments at drive-throughs, Uriarte said. In 2023, Mercedes-Benz joined forces with Mastercard to introduce embedded in-car payments at the point of sale, allowing customers to use a fingerprint sensor in their car to make convenient and secure digital payments at more than 3,600 service stations in Germany. Mercedes' in-car payment service, which uses biometric technology for customer authentication, is available in Germany and several other European countries. The company is exploring options to expand to other markets, but has no specific time frame to introduce it in the U.S., according to a company spokesperson. The company is working on bringing seamless in-car payments to U.S. customers for on-street parking, though there's also no timeline for release of this feature, the spokesperson said. Read more about mobile payments. (Mobile payments | American Banker) Also in 2023, Hyundai Motor America introduced Hyundai Pay, which allows customers to find and pay for services with their vehicle's touchscreen using securely stored credit card information. It started with parking payments and has since expanded to charging and fueling at participating stations, a spokesperson told American Banker. Hyundai Pay is now available on most of the company's models via an over-the-air update. Last year, BMW introduced in-car payments for parking fees and fuel at participating locations in Germany and announced vague plans to roll out these payment features in additional countries. Challenges persist Integrating with the various points of sale has proved challenging for auto manufacturers. At the moment, there's no centralized infrastructure or unified standards for doing this, Uriarte said. Another issue is that not all vehicles on the road today are connected to the Internet to allow seamless payments, though the market is moving in that direction. A 2023 study from Juniper Research predicted that the number of connected vehicles in service will reach 367 million globally in 2027. That's up from 192 million in 2023. Even so, it's still possible to buy cars that aren't connected, and some consumers even prefer that option for privacy reasons. "I think we still have a while to go on this," Uriarte said. Embedded payments are also a challenge for fleet managers of cars, trucks, vans and rental companies that operate under shared driving models because different people are driving the vehicles, said Brian Gaynor, vice president of product at BlueSnap, a payment processing company. That's where apps like Android Auto and Apple CarPlay offer potential. Whoever is driving the car shouldn't have to worry about payment, Gaynor told American Banker. Other up-and-coming payment options With the PACE Drive app, consumers in multiple European countries can compare fuel prices at participating stations in their vicinity, get alerted to exclusive deals and initiate contactless payments from their car. App manufacturers also have the potential to integrate with Android Auto and Apple CarPlay for more seamless in-car payments, Gaynor said. Amazon Alexa users also have the option to pay for contactless refueling using voice commands. Chris Colson, payments expert for the Atlanta Fed who focuses on emerging payments, said he can pull up to a participating gas station, tell Alexa to pay for gas, confirm the pump location, and pay effortlessly. There are other options for seamless payments being rolled out. For example, last year, Metropolis Technologies, an artificial intelligence company that enables checkout-free payment experiences, bought parking network company, SP Plus Corporation. Its AI-recognition technology is now in use in more than 4,600 locations. Drivers enter their card information once, and are charged seamlessly on subsequent visits. "It's not just a manufacturer play in terms of embedded payments. There are other potential use cases here," Gaynor said. How banks can respond For embedded vehicle payments to become more pervasive, a coordinated effort is necessary between the manufacturers, the gas stations, charging stations and parking lot vendors, Gaynor said. "It's going to become an overall network." One concern for banks is the potential loss of card revenue if their card isn't top-of-wallet, or if consumers bypass the card network altogether, cutting out interchange fees. Consumers might opt, for example, to pay using the lower-cost real-time payment rails instead, Gaynor said. To better position themselves, banks need to understand how customers want to pay, the potential use cases within cars and also what might need to be done from a fraud and risk management perspective, Uriarte said. A large bank might consider partnering with an auto manufacturer on marketing and co-developing solutions, for example. "At the end of the day, this has to work with all banks and all cards," Uriarte told American Banker. Melden Sie sich an, um Ihr Portfolio aufzurufen.
South China Morning Post
15-07-2025
- Politics
- South China Morning Post
Hong Kong thrives because of, not despite, its hybridity
Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification On a typical Sunday morning in Hong Kong, you might find a British expat sipping yuen yeung at a cha chaan teng before hiking Dragon's Back, a French architect browsing incense coils in Sheung Wan, or an American banker debating politics over craft beer. This seamless blend of East and West isn't just cosmopolitan charm – it's Hong Kong's unique value to China. As our city adopts more government-led solutions to address capitalism's excesses, we must remember what made – and still makes – Hong Kong extraordinary: the irreplaceable alchemy of individualism and opportunity. The conviction that talent outshines connections. The spirit that birthed Cantopop, Lion Rock grit and a world-class financial hub. As China pursues global leadership, Hong Kong's Western-compatible legal system, cosmopolitan lifestyle and international networks remain indispensable. We don't thrive despite our hybrid identity – we thrive because of it. Since the defeat of the anti-China radicals, official zeal for all things mainland has surged. Ironically, even mainlanders now find Hong Kong less compelling, as its international allure dims. To my local colleagues, Shenzhen had long 'bypassed' us. After working on the Chinese mainland, I saw first-hand what we can't match: vast scale, blistering speed and relentless 'involution'. However, Hong Kong's edge lies elsewhere – in integrity and institutional trust. Mainland firms tend to rise like rockets and crash just as fast; our tycoons know longevity beats spectacle.
Yahoo
01-07-2025
- Business
- Yahoo
Pinnacle Financial Partners Announces Dates for Second Quarter 2025 Earnings Release and Conference Call
NASHVILLE, Tenn., July 01, 2025--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today announced it will release its second quarter 2025 financial results on Tuesday, July 15, 2025, after market close. It will also host a live webcast on Wednesday, July 16, at 8:30 a.m. CDT to review its financial results, business outlook for the firm and other matters. The second quarter 2025 earnings release will be available on the investor relations page of Pinnacle's website at To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at For those unable to participate in the webcast, it will be archived for 90 days following the presentation. Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine's 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America's Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024. The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.3 billion in assets as of March 31, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast. Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at View source version on Contacts MEDIA CONTACT: Joe Bass, 615-743-8219FINANCIAL CONTACT: Harold Carpenter, 615-744-3742WEBSITE: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
01-07-2025
- Business
- Globe and Mail
Pinnacle Financial Partners Announces Dates for Second Quarter 2025 Earnings Release and Conference Call
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today announced it will release its second quarter 2025 financial results on Tuesday, July 15, 2025, after market close. It will also host a live webcast on Wednesday, July 16, at 8:30 a.m. CDT to review its financial results, business outlook for the firm and other matters. The second quarter 2025 earnings release will be available on the investor relations page of Pinnacle's website at To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at For those unable to participate in the webcast, it will be archived for 90 days following the presentation. Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine's 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America's Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024. The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.3 billion in assets as of March 31, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.
Yahoo
23-06-2025
- Business
- Yahoo
How Fiserv jolts the bank stablecoin market
The advancement of the GENIUS Act has thrust stablecoins into the spotlight, with Fiserv being the latest firm to enter the market, hoping to reach a wide range of financial institutions that face pressure from fintechs and large banks. Fiserv said it would launch a digital asset platform, including a stablecoin, FIUSD, that will be part of Fiserv's banking and payments menu by the end of 2025. Additionally, the bank technology company and PayPal plan to make their stablecoins, FIUSD and PYUSD, interoperable. Both of these moves, announced Monday morning, would add drastic scale, opening stablecoins to thousands of financial institutions and PayPal's base of more than 430 million consumers and 36 million merchants. It also joins a fast-growing market of stablecoin issuers that includes a consortium of large banks, major retailers such as Amazon and Walmart and early mover banks such as Societe Generale and Vantage Bank. "Not having a stablecoin is like not having a Rolex years back," Elias Ghanem, global head of Capgemini Research Institute for Financial Services, told American Banker. "Announcement doesn't mean adoption, but early adopters, early launchers, will have higher adoption." With stablecoins, part of the battle is to quickly build a base of users to juice network externalities. Fiserv has more than 10,000 financial-institution clients, processes more than 90 billion transactions each year and has more than 6 million merchant locations. Fiserv plans to make FIUSD available through its existing payment technology at no added cost. FIUSD will use stablecoin infrastructure from Paxos and Circle, and will make the stablecoin available on the Solana blockchain. "Together with our other cloud-native banking and merchant platforms, we believe FIUSD will provide our clients with the efficiency and optionality they need to thrive in the evolving banking and payments ecosystem," Takis Georgakopoulos, chief operating officer of Fiserv, said in a release. Fiserv did not respond to a request for issuers have dominated the stablecoin market, a trend threatening traditional bank deposits if the stablecoin market were to grow dramatically. The expectation that banks will need to respond provides a potential way for Fiserv to expand its client relationships by supporting banks' issuance of FIUSD and by enabling banks to use Fiserv's digital asset platform to issue their own branded stablecoins. "After the GENIUS Act was passed last week, we expected to see a flurry of announcements," Gareth Lodge, an analyst at Celent, told American Banker, adding that integrating the stablecoin into Fiserv's existing offerings for banks and merchants is "a huge step forward and democratizes the opportunity." Fiserv also plans to partner with other stablecoins, announcing an initial collaboration with PayPal, which issues PYUSD, as well as with Paxos. PayPal has spent the past two years partnering with other payment firms to add scale for PYUSD, with support for cryptocurrency trading on PayPal's payment app and its Venmo transfer app helping users build balances that can be used for payments — either in PYUSD or traditional currency. PayPal did not return a request for comment by deadline. "Together with Fiserv, we will help bridge the gap between traditional financial systems and new technologies, enabling faster, more cost-effective, and globally accessible payment options for merchants," Frank Keller, executive vice president at PayPal, said in a release. "There will be no one stablecoin that is universally accepted, so interoperability between Fiserv and PayPal is a major step, but also increases the pressure on others to follow suit," Lodge said. In addition to stablecoins, Fiserv will support deposit tokens, which it said will "maintain the benefits of stablecoins in a more capital-friendly structure for banks." That would enable community banks, credit unions and other financial institutions in Fiserv's network to counter large banks such as JPMorganChase, which is developing a deposit token — an alternative to stablecoins that use a reserve asset structure that is more closely tied to the issuing bank. Fiserv's stock jumped more than 4% in early trading Monday as investors cheered its planned stablecoin. While most analysts said the adoption curve for the thousands of banks in Fiserv's network could be long, there are other benefits for the bank technology vendor. The stablecoin could help Fiserv's broader position among smaller banks against other financial technology vendors, Jeffries said in an analyst research note. "While the digital asset platform should provide small community banks/credit unions with a way to stay up to speed with stablecoins/digital assets, we'd expect the adoption curve among smaller banks to be slower than large banks," Jeffries said. "If anything, we think the announcement could help with branding among smaller banks as FI can pitch offering smaller banks similar tech that is being developed by their larger competitors." Fiserv's strategy will soon face counter moves. Competitors will likely announce more deals such as Fiserv's stablecoin and partnerships with PayPal and Circle, William Blair analysts said in a research note. "These initiatives will only gain traction, however, if they are pursued on a universal platform, in our opinion. This is why we like Fiserv's deal with Circle, the issuer of USDC, but question the decision to launch a branded stablecoin," Jeffries said. "We see little shared functionality or value in a market littered with individual coins when USDC offers a liquid, functional standard with an established issuer who is building a potentially viable ecosystem." The ability to support stablecoin commerce via Fiserv's Clover point of sale system and offering smaller financial institutions an ability to compete in the stablecoin market are "smart moves," William Blair said. Joey Pizzolato contributed to this story. 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