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German Security Firm Looking At Car Wallet For IOTA Payments

German Security Firm Looking At Car Wallet For IOTA Payments
Breaking News / Wallets / IOTA

The tech firm, Accessec is a security company based in Germany and they have recently announced a new vehicle-based wallet that will enable cars to automatically buy fuel or charging services through the utilisation of the MIOTA token.

Last week, the security firm showed off its new Car Wallet to the public last week which is integrated with the vehicle. The wallet will interact with a point of sale terminals automatically when it comes to buying fuel or other vehicle-related services. The wallet will be able to start services like authorising a battery-point to start charging and pay the amount due directly to the merchant.

A research consultant at Accessec, Sven Feuchtmüller said that drivers only need to ensure that the two hardware components are physically close enough to interact. Writing in an email to Crypto Briefing, Feuchtmüller said, “In the car-and-charging-station example, one could simply drive towards the station and plug in the charger… [A]uthorization and payments would be automatically done by your car in the background.”

The car wallet is going to be based on the Tangle mainnet and will use MIOTA tokens to transfer value to merchants. The co-founder of the IOTA Foundation, Dominik Scheiner said that the firm is “very excited” by the news and the benefits it could bring to the ecosystem are limitless. Continuing on from this, he said:

“Companies like Accessec who are building actual products on top of IOTA help us to accelerate the adoption and importance of IOTA in industry and make it easier for companies across all industries to capture value out of the offering of IOTA.”

The security firm was asked if any firms or vehicle manufacturers had expressed an interest in the technology but they refused to comment on the matter.

Accessec has worked with IOTA in the past too as they performed an audit on the Trinity Wallet project int eh months running up to the wallet’s beta launch in August last year.

In terms of the price of the MIOTA token, the cryptocurrency is currently priced at $0.28 following a 1.33 percent decrease over the past 24 hours. At the current time of writing, MIOTA is sat as at the 14th biggest cryptocurrency in the space with a market cap of $781,845,468.

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