Visa, SiriusXM Team up In-Vehicle Payment System

By Chris Wack

Visa (V) and SiriusXM Connected Vehicles Services Inc., a subsidiary of Sirius XM Holdings Inc. (SIRI), announced Monday that they are working together on a new in-vehicle payment system.

In a release, the companies said they are working to offer the SiriusXM e-wallet to manufacturers who deploy SiriusXM's connected vehicle services, a connected vehicle platform in North America serving multiple major automotive brands.

The companies said the SiriusXM e-wallet is being designed to integrate into the dashboard and will allow drivers and their passengers to complete and make purchases such as shopping and paying for coffee, finding and pre-paying for gas, locating and paying for parking, purchasing movie tickets, and paying tolls. Users will activate and authenticate payment with their Visa account using biometric authentication, like voice and touchscreen commands, to eliminate driver distractions during the transaction.

Security precautions include the Visa Token Service, which allows an extra layer of security for payments.

Shares of Visa were up 2.5% to $137.05 in midday trading, while shares of SiriusXM rose 1.6% to $6.27.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

January 07, 2019 13:34 ET (18:34 GMT)

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