Sheeva.AI, a leading provider of in-vehicle payments and services, and Visa Acceptance Solutions, a world leader in digital payments, launched a new tokenization platform for in-vehicle commerce.
Sheeva.AI will leverage Cybersource Token Management Service, a part of Visa Acceptance Solutions, to power the first multi-use tokenization platform for in-vehicle payments by using precise vehicle location to authorize payments at the point of service.
The tokenization solution unlocks a global ecosystem to open payments through the Visa Acceptance platform – enabling secure, innovative, frictionless customer experiences for in-vehicle payments.
This collaboration implements secure storage of card data and network token management with Visa Acceptance Solutions to make in-vehicle transactions seamless and secure without storing the card-on-file or transmitting raw data to payment processors.
Sheeva.AI’s integration with Cybersource Token Management Service brings this state-of-the-art digital and secure one-touch payment experience to the vehicle’s infotainment screen to make the driver’s experience easier and safer, whether used in fueling, EV charging, parking, tolling or retail around the world.
“The ease and efficiency of tokenization unlocks the multi-billion-dollar opportunity that is in-vehicle payments,” said Evgeny Klochikhin, Founder and CEO of Sheeva.AI. “Our product suite empowers the driver to locate and activate the fuel dispenser, EV charging station, parking gate or toll from inside the car to enable the transaction to happen, and Visa Acceptance Solutions’ platform makes the payment simple and seamless.”
“Tokenization is becoming the global standard for secure payments of all kinds,” said Jignesh Kacheria, Vice President of Product Management for Visa. “We look forward to working with Sheeva.AI to power wider adoption of this new category of digital payments inside the vehicle.”
“The payments landscape is complicated especially when you cross as many geographies and retailer tech ecosystems as we do,” Klochikhin added. “We’ve been refining our products for months, improving our API-driven processes and mapping millions of service points in India, US, Japan, and Europe. We knew the payments process would become a challenge. Visa Acceptance Solutions has the right solution for us to solve this challenge globally.”
Sheeva.AI’s innovative product suite is currently in trials with automotive OEMs and Tier 1 suppliers globally, with more than 1.5 million service points – including fuel pumps, parking spaces and EV chargers – mapped in the Sheeva.AI database.
Source: Company Press Release
