BlackBerry IVY to Provide Secure Vehicle-Based Payments

Rhea-AI Summary

BlackBerry Limited (NYSE: BB) announced a new vehicle-based payment solution aimed at tapping into the projected €530 billion connected car payments market by 2030. This solution enables automakers to securely connect vehicles to banking networks for payments related to services like fuel and tolls. Developed in partnership with Car IQ, it utilizes BlackBerry IVY's edge computing capabilities and vehicle sensors for enhanced security. The initiative is expected to streamline payments and create new revenue opportunities for automakers, benefiting fleet managers and individual vehicle owners.

Positive

• Introduction of a vehicle-based payment solution tapping into a €530 billion market by 2030.
• Partnership with Car IQ enhances security and expands payment capabilities for automakers.
• Utilizes BlackBerry IVY for improved transaction management and reduced complexity.

Negative

• None.

WATERLOO, ON, Aug. 11, 2021 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB), today announced a new solution to deliver highly-secure vehicle-based payment capability to unlock a connected car payments market that is projected to reach over €530 billion by 2030.

This vehicle-based payment solution will create new opportunities for automakers to offer a vast array of payment services and develop previously untapped revenue streams. The solution will create a "digital fingerprint" for the vehicle, allowing it to securely connect to a bank's payment network, validate, and autonomously pay for a wide range of frequently used services, including fuel, tolls, parking, insurance, maintenance, and other "wallet" capabilities. Historically, vehicle-based payment processes have been complex and leverage legacy banking primitives such as physical credit cards or multiple smartphone apps to communicate with each individual merchant and service provider.

BlackBerry is delivering this solution through a partnership with California-based financial technology solution provider Car IQ which leverages BlackBerry IVY's in-vehicle edge computing and direct access to vehicle sensors.

"We are delighted to demonstrate the value of BlackBerry IVY's end-to-end offering for this market through our partnership with Car IQ," said Peter Virk, Vice President of IVY Product and Ecosystem, BlackBerry. "Access to sensor data and edge computing will allow for an incredibly secure in-vehicle payments solution."

"We are excited to accelerate the time-to-market of our latest in-vehicle payment solution and to capture share of the connected car payments market by leveraging the BlackBerry IVY platform," said Sterling Pratz, CEO and founder of Car IQ. "With BlackBerry IVY we can now fully embed our solution on a common platform in the vehicle, allowing us to not only provide the highest level of security, but also greatly reduce complexity for banks and merchants."

"Fleet managers, shared vehicle operators and individual vehicle owners will benefit from greater convenience and secure management of transactions as the next wave of connected vehicle technology integrates more closely with merchant platforms for cashless and cardless payments," said Lee Colman, Chief Production Officer of global automotive technology analyst firm SBD Automotive. He added, "Undisputable identification of the vehicle and/or driver leveraging seamless vehicle sensor technology at the point of sale underpinned by security creates further efficiencies for the entire fleet value chain."

About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including over 195M vehicles.  Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere. 

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BLACKBERRY and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved.  All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

BlackBerry Contacts:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com

BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com

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SOURCE BlackBerry Limited

FAQ

What is BlackBerry's new vehicle-based payment solution about?

BlackBerry's new vehicle-based payment solution enables secure payments from vehicles for services like fuel and tolls, leveraging its IVY platform.

What market potential does BlackBerry's vehicle payment solution target?

The solution targets the connected car payments market, projected to exceed €530 billion by 2030.

Who is BlackBerry partnering with for its vehicle payment solution?

BlackBerry is partnering with Car IQ to deliver the vehicle-based payment solution.

How does BlackBerry IVY enhance vehicle payment security?

BlackBerry IVY uses edge computing and vehicle sensors to create a digital fingerprint for secure connections to banking networks.