BP invests in European in-car payments provider Ryd

BP ventures said it will invest €10 million in Europe’s leading in-car digital payments provider, Ryd which will help it reach its market-leading position, grow into new international markets, and further build its offering.

Ryd targets 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, the companies said in a statement.

“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,” said Alex Jensen, bp’s senior vice president mobility and convenience, Europe and Southern Africa, in a statement.