Cars Become Mobile Wallets with Visa and Bitcoin

Executive Brief

Visa is looking to make full use of Bitcoin blockchain technology to revolutionize both car purchase and ownership. A prototype app has been announced that, in association with DocuSign Labs, allows you to purchase cars much more easily and quickly. The app enables model, color and required options to be selected beforehand, allowing you to locate the right vehicle, walk into the showroom and lease it within 5 minutes. A partner app facilitates insurance purchase just as simply without the need for document faxing and so forth, instead the car identity is registered with Bitcoin’s blockchain.

Read the full story below. 

No one really likes buying a car, endless searching for the one you want, whatever is in stock seems to be the wrong color, or missing the options you really wanted. But a new app from Visa and DocuSign Labs changes this, making the search for you before you even leave home, so you walk into a showroom knowing the car you want is actually there, with the ability to lease the chosen car within a few minutes.

A partner app allows fast and document free purchase of insurance for the newly purchased car, using DocuSign’s exclusive Digital Transaction Management platform and eSignature that is integrated with Visa’s payment technology, the car’s identity is registered on Bitcoin’s Blockchain.

Ron Hirson, DocuSign’s head of product, explained it as “like Visa put its card into the (Apple) Watch (providing on-wrist Apple Pay capability) this is just putting your card into your car. The vehicle becomes a smart asset that offers two-way communication that can benefit consumers”.

This creates what is in essence a mobile bitcoin wallet, allowing you to pay for things like toll charges automatically, it could even work at the drive-thru. Servicing is also featured in the app, allowing not just payments, but having providers bid for the service work through the app itself, with the service technician knowing all the work that is needed before you even arrive.

Using the Bitcoin blockchain for the underlying technology here is significant for the currency, as it has the potential to place Bitcoin right at the heart of daily life for millions of people. Tapping into the car market and adding such user friendly features will bring awareness of digital currency to new levels, and as the system becomes second nature to users, the idea of digital payments in this manner become acceptable to a much wider audience. This breaks down one of the real significant barriers that cryptocurrencies have been facing for several years, and that is getting users to accept the idea of using digital currency for every day purchases.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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