Trends defining the future of mobility will also impact the payments industry, which traditionally has had few direct links to the automotive sector.
Within the automotive industry, traditional companies are radically reshaping their business and operating models as three major trends disrupt their sector:
- Environmental concerns are driving the transition from combustion engines to electric vehicles.
- Urbanization and socioeconomic change are seeing consumers move from owning to sharing a vehicle.
- Digitalization is putting artificial intelligence, not humans, in the driving seat.
Together, these trends are defining the future of mobility. In this future, human driven, gas-powered vehicles may be largely replaced by shared, self-driving and hydrogen- and electricity-powered vehicles. This transition and its impact on automotive producers and suppliers are the subject of much discussion. But less attention has been given to the repercussions on the payments industry, a sector that has, until now, had few direct links to the automotive industry.