PayByCar, Inc., the mobile payments Fintech responsible for offering pay-by-text payments at gas stations across Massachusetts, has confirmed the completion of a $4 million seed round of funding.
Anand Raman, President, and co-founder of PayByCar, stated:
“Following a string of successes since our 2020 pre-seed round funding, today’s announcement is the beginning of our next chapter in financing expansion of our services across states, and industry verticals like parking, retail, and other sectors.”
PayByCar allows customers with toll transponders like E-ZPass or PayByCar windshield stickers “to perform contactless payments on gas purchases at participating locations from their mobile device, without ever having to touch the pump screen or use cash, credit cards, or mobile apps.”
PayByCar users simply pay “by confirming a text message when they drive into a participating location, without ever having to open their wallet or touch the fuel dispenser keypad.”
In addition to eliminating multiple points of touching public surfaces, “the process also cuts transaction time in half.”
Following PayByCar’s 2021 state-wide launch of its exclusive in-vehicle payment platform, the company has “grown awareness through retail, transit, and fintech partnerships across the nation, including partnerships with the E-ZPass Group, state DOTs, Global Partners LP, Star Systems International, and others.”
As noted in the update, PayByCar claims to be “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.”
They 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.”
If you don’t have a transponder, you can “ask for PayByCar’s own non-toll tag instead.”
To find out more, check here.
As covered in August 2021, Juniper Research had published a whitepaper titled, “Cash is No Longer King: How Contactless Payments are Becoming the Norm.”
The paper from Juniper Research notes that bricks-and-mortar retailers are now “under pressure” to provide increasingly “frictionless” shopping experiences. Consumers have started expecting quick, secured, and frictionless payments “outside the retail sphere too; such as for travel,” the report reveals.
As mentioned in the paper, the line between physical and digital commerce is becoming “increasingly blurred” and channels are becoming “increasingly converged.”