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Create strategies for product, service and process innovation that deliver new growth.
Meet customer demands for a digital, personalized online insurance experience—while reducing risk.
Digitally transform to empower a more intelligent, agile and high-performing enterprise.
Make business decisions based on real-time contextual data with our digital solutions.
Stay ahead of the competition with the latest tech like IoT, machine learning and blockchain.
Deep industry expertise to propel your business into the future.
Explore Belcan’s flexible, custom-tailored solutions.
Put AI to work and turn opportunity into value.
Accelerate time to value for industrial edge AI.
Maintain high integrity across the AI lifecycle.
Realize the next frontier of enterprise performance.
Enhance operations, boost efficiency, remove technical debt and modernize apps for the future.
Operate with insight and speed—using AI-powered processes that supercharge performance.
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The Northern European newsletters deliver quarterly industry insights to help your business adapt, evolve, and respond—as if on intuition
Written by Stefano Montanari & David Smart
13 August, 2024
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3 mins
Services such as parking, refuelling, and in-store purchases at service stations are shifting towards seamless and integrated payment systems. Leading this revolution is Mercedes-Benz Mobility’s Mercedes Pay Plus, which is pioneering innovative in-car payment solutions that are set to redefine traditional payment models.
In this rapidly evolving environment, vehicles are becoming personal service centres, equipped with connected technology that enables personalized experiences through artificial intelligence (AI) and machine learning (ML) algorithms. Cognizant’s application of these technologies, as demonstrated with clients like Aston Martin in racing scenarios, underscores our vision for the future of mobility and in-car payments. This whitepaper explores the journey from legacy payment systems to a visionary future, with Cognizant at the forefront.
Legacy payment systems in the mobility sector present significant challenges in today’s digital era. These systems are often plagued by high maintenance costs, limited flexibility, and an inability to support new standards and technologies. Additionally, they fail to meet modern customer expectations for seamless payment experiences. Key challenges include:
Cognizant’s vision for the future of mobility payments revolves around transforming payment platforms to ensure:
The urgent need for mobility payments transformation presents a significant business opportunity. Organizations that swiftly adapt to the future of payments gain a competitive edge in the market. By partnering with Cognizant to define the right payments strategy and manage effective transformations from existing platforms to innovative solutions, businesses can:
As we enter a new era in mobility payments, it’s essential to consider how advanced payment systems will reshape daily interactions and societal norms, and the ethical implications of relying on AI and data-driven insights for financial transactions. This journey is not just about technological progress but also about envisioning a future where convenience and innovation coexist with responsibility and inclusivity.
We must explore how these systems can bridge gaps, create opportunities, and redefine mobility and transactions in a connected world. The decisions we make today will shape the future mobility landscape, ensuring that advancements benefit all stakeholders and contribute to a more equitable and sustainable future, while embracing technology’s promise and being mindful of its societal impact. Discover Cognizant consulting services to learn more.