New Car Wallet Allows Automatic IOTA Payments

A German tech security firm has revealed a new vehicle-based wallet that will allow cars to automatically purchase fuel or charging services with MIOTA tokens.

Accessec demonstrated its new Car Wallet to the public last week. Integrated into the vehicle, the wallet interacts automatically with point-of-sale terminals. It can initialize services, such as authorizing a battery-point to begin charging, and pay the amount due directly to the merchant.

According to Sven Feuchtmüller, a research consultant at Accessec, drivers only need to ensure that the two hardware components are physically close enough to interact.

“In the car-and-charging-station example, one could simply drive towards the station and plug in the charger,” he wrote in an email to Crypto Briefing. “[A]uthorization and payments would be automatically done by your car in the background.”

The Car Wallet is based on the Tangle mainnet, and uses MIOTA tokens to transfer value to merchants. Dominik Schiener, co-founder of the IOTA Foundation, told Crypto Briefing that the foundation is “very excited” by the news and the benefits it could bring to the IOTA ecosystem.

“Companies like Accessec who are building actual products on top of IOTA help us to accelerate the adoption and importance of IOTA in industry and make it easier for companies across all industries to capture value out of the offering of IOTA,” he said.

Asked if any companies or vehicle manufacturers had expressed an interest in the technology, Accessec declined to comment.


What else is IOTA up to?

IOTA has focused on bridging the gaps between DLT and the burgeoning Internet of Things (IoT) sector. With many appliances automatically sending data to manufacturers and other devices, the Tangle is designed to facilitate fast, seamless and highly scalable machine-to-machine (M2M) communication and payments.

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