bp ventures is investing €10 million in Europe’s leading 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, via its app or through integration with smart car systems.
bp’s investment will help ryd strengthen its market-leading position, grow into new international markets, and further build its offering. Its ecosystem already covers a wide range of car brands, apps and payment networks and is in use across several European markets.
ryd aims to meet the growing consumer demand for digital payments and the integrated experience that they can deliver. It is targeting the connected car data market, which is forecast to reach $19bn globally by 2030, and the non-fuel retail sales market, which is forecast to reach $285 billion globally by the same year. Its technology also enables payment for electric vehicle (EV) charging, supporting the electrification of transport.
“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,” said Alex Jensen, bp’s senior vice president mobility and convenience, Europe and Southern Africa.
Through its investment and a partnership with ryd, bp aims to learn and benefit from ryd’s scalable and flexible digital payment options to expand digital payment options for bp customers across Europe.
bp already offers digital payment options in the UK and the Netherlands via its BPme app. ryd will enable bp’s digital customer offer to expand rapidly into additional European markets.