It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Pay By Car to discuss all things credit union, fintech, and digital innovation.
PayByCar is a payment system that streamlines purchases made in and from cars. Instead of going through the often-clunky process of handing a debit or credit card back and forth between driver and cashier.
In-vehicle purchases exceed $200bn yearly. From toll roads to car washes, drive-through coffee stands to fast food restaurants, paying on the go accounts for a significant portion of daily purchases. If you can imagine paying at the pump with an E-Z Pass, then you’re on the right track to understanding PayByCar.
PayByCar allows people to forego the usual card- or phone-based transaction. PayByCar transponders reduce in-vehicle transaction times by eliminating the need of a middleman.
Credit unions who wish to partner with PayByCar can offer their members a simple, easy payment system for in-vehicle transactions. In-vehicle payment systems are a growing technology with increasing demand. Giving members an in-vehicle payment option can reduce their transactional friction and increase their appreciation for their credit union’s services.
If this sounds like an intriguing credit union–fintech partnership, check out the video and PayByCar snapshot below!
Credit Union Fintech Snapshot: PayByCar
Top 3 Problems Solved
- In-vehicle payments
- In-vehicle transaction times
- Drive-through sales
PayByCar Founder: Kevin Condon
PayByCar Market Strategy
Credit Unions and individual drivers.
Credit Union Fintech: PayByCar in the News
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.