Gentex and PayByCar Announce Partnership to Boost Access to Contactless In-Vehicle Payments

Rhea-AI Summary

Gentex Corporation (NASDAQ: GNTX) has partnered with PayByCar to implement a commercial agreement enabling touch-free payments for gas and essentials directly from vehicles. The collaboration aims to ensure compatibility between Gentex's Integrated Toll Module (ITM) and PayByCar's payment solution, enhancing convenience for drivers. This partnership responds to the rising demand for contactless transactions, allowing users to fuel up without cash or credit cards through identification via toll transponders. Both companies anticipate mutual growth as they expand their services.

Positive

• Strategic partnership with PayByCar to enhance payment solutions.
• Focus on touch-free transactions aligns with increasing consumer demand for contactless payments.
• Opportunity for Gentex to expand its Integrated Toll Module user base.

Negative

• None.

ZEELAND, Mich. and BOSTON, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision and connected car technologies to the global automotive industry, and PayByCar, Inc., an innovative provider of transactional vehicle solutions, have announced a commercial agreement that will allow an increasing number of drivers to pay for gas and other essentials directly from their vehicle.

Specifically, the companies are working to ensure compatibility between Gentex’s Integrated Toll Module^® (ITM^®), and PayByCar™, an innovative payment solution that allows drivers to use their smartphone and toll transponder to fuel up at certain gas stations without using cash or a credit card.

PayByCar uses the driver’s toll transponder to identify the vehicle upon entering a participating gas station. The system immediately sends a text message to the driver, who replies with the appropriate pump number. PayByCar then turns on the pump, registers the transaction, charges the driver’s credit card, and issues an email receipt.

Gentex supplies automakers with Integrated Toll Module, a nationwide toll collection technology for factory integration into new vehicles. The system combines almost all U.S. tolling protocols, providing drivers with unencumbered access to toll roads throughout the U.S. while eliminating the need for multiple transponders cluttering the windscreen.

By ensuring compatibility between the two technologies, Gentex and PayByCar believe they can help each other grow their mutual customer base while introducing new users to the benefits of the transactional vehicle.

“It’s truly a win-win relationship for both companies,” said Gentex Chief Technology Officer Neil Boehm. “PayByCar affords ITM customers added functionality while we help expand PayByCar’s user base. As ITM grows in popularity and PayByCar expands transaction locations, everyone benefits.”

The two companies also believe that consumers are beginning to appreciate, perhaps now more than ever, the benefits of touch-free transactions.

“Clearly, we’re living at a time when contactless payments are becoming increasingly important,” said PayByCar President & COO Anand Raman. “We’re excited to offer drivers not only the convenience of simple and quick transactions, but also the added safety and peace of mind of a touch-free payment experience.”

About PayByCar
PayByCar is a leader in making possible in-vehicle contactless payments for connected cars – both new models with state-of-the-art tech, as well as millions of older vehicles. We start with a simple goal – make, in-vehicle payments easy, safe and fast today. If you have a toll transponder and a smartphone, you’ve got what it takes to join PayByCar now. To learn more please visit: https://www.mypaybycar.com/

About Gentex
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market. Visit the company website at www.gentex.com.

Gentex Media Contact
Craig Piersma
(616) 772-1590 x4316
craig.piersma@gentex.com

Gentex Investor Relations Contact
Josh O’Berski
(616) 772-1800 x5814
josh.oberski@gentex.com

PayByCar Media Contact
Matt Fitzgerald
(781) 974-6657
matt@truenorthpr.com

FAQ

What is the partnership between Gentex and PayByCar about?

Gentex and PayByCar have formed a partnership to enable drivers to make touch-free payments for gas and essentials directly from their vehicles.

How does the PayByCar system work with Gentex's technology?

The PayByCar system uses the driver's toll transponder to identify the vehicle and allow for payment at participating gas stations without cash or credit cards.

What are the benefits of the Gentex and PayByCar collaboration?

The partnership enhances payment convenience for drivers and expands the user base for both companies, promoting touch-free transactions.

When was the Gentex and PayByCar partnership announced?

The partnership was announced on November 30, 2020.

What technology does Gentex provide in the automotive industry?

Gentex supplies the Integrated Toll Module and other automotive technologies, enhancing vehicle functionality.