An investment of €10 million (£8.6m) has been announced by bp ventures in European in-car digital payments provider ryd.
The company offers a convenient single digital payment solution for drivers, for services such as fuel purchases, electric vehicle (EV) charging and car washing, either through its app or via integration with smart car systems.
The investment will enable ryd to grow into new international markets and further build its offering, with the company targeting the connected car data market – which is forecast to reach $19 billion (£13.8bn) globally by 2030 – and the non-fuel retail sales market, which is forecast to reach $285 billion (£207bn) globally during the same period.
Through its investment and partnership with ryd, bp intends to learn and benefit from the digital payment options to expand the offering to its customers across Europe – bp currently offers digital payment options in the UK and the Netherlands.
Alex Jensen, bp’s Senior Vice President – mobility and convenience, Europe and Southern Africa said: “In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites.
“ryd’s technology can help deliver just that and for an increasing range of services. Our investment and partnership will help bp provide these digital services more widely across Europe, making our customers’ experience easier and more enjoyable.”
Currently, ryd is accepted at 3,000 partner service stations across seven countries.