BMW have been working alongside a Dutch company named NXP Semiconductors to develop a key that can be used to pay bills. The system works because the key contains a tiny chip holding details of the driver’s bank account. Fuel pumps would need to be fitted with a small electronic reader that can decipher the details and debit the cash. The system could also be fitted at toll booths and even train and underground stations for drivers leaving their cars behind.
There is no chip and pin involved so it is quicker than a credit card, this raises fears that the keys would be targeted by thieves but BMW say that the keys can be quickly cancelled if lost or stolen. BMW say that it is all about making life easier allowing motorists to get into their cars without worrying if they have their wallet or enough cash on them.
The key has been given the green light by the German Federal Office of Information Security meaning it is satisfied it meets the country’s highest standards for keeping bank details safe.