Visa And DocuSign Unveil Proof-Of-Concept App To Lease Car In Minutes

Visa and DocuSign have unveiled a new proof-of-concept app that is intended to simplify the process of leasing a car. The demo at a Money 20/20 conference in Las Vegas illustrated how a client can drive away in a new car in just a few minutes after inking all of the required documents and paying the necessary sum of money, all without getting out of their vehicle.

“Leasing a new sports car – or any car for that matter – should be fun and exciting, but lengthy paperwork and arduous processes often diminish the experience,” said Ron Hirson, Head of Product at DocuSign. “This proof-of-concept makes it easier and faster for customers to get out the door in their new car by bringing together smart contracts and payments so that customers can electronically sign all pertinent documents and seamlessly pay in one fully digital experience.”

The proof-of-concept app, which is embedded into the dashboard of a connected vehicle prototype, digitizes the entire process of leasing a car by utilizing blockchain technology and connecting the Visa Token Service with DocuSign’s Digital Transaction Management platform, eSignature solution and the APIs. The connected car can then be used to automatically make payments for a wide range of charges, such as parking, tolls or even ordering food.

“We see a future where car commerce goes far beyond fuel pumps and drive-thrus, becoming a fully automated experience among the Internet of Things,” said Jim McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa. “Anything you buy from your car, or for your car, can be enabled by automatic payments: whether it’s a lease payment, insurance or anything governed by a contract. Tolls, maintenance services, music downloads, parking and even charges from the DMV could all be automated through a Visa token that is securely stored in your car.”

Another advantage that could be gained by using the app is through its ability to track a user’s activity, such as average speeds and distance traveled. Once a consumer has been using the vehicle for a period of time, the app offers advice about cheaper leasing options and better travel routes, as well as providing savings on insurance.

“Visa is the trusted global leader in the payment industry, and is relied upon by millions of merchants and billions of consumers around the world,” said Keith Krach, CEO of DocuSign. “DocuSign is the trusted global leader in Digital Transaction Management and eSignature. Together, our teams are the perfect partners to help consumers and companies fast-forward their journey to becoming fully digital.”

If the concept proves successful, the companies believe that the system could be applied to Internet of Things environments other than connected cars.

“This particular proof-of-concept is just one of several projects our two organizations are collaborating on,” said DocuSign’s Ron Hirson. “Of course, the idea isn’t just limited to car leasing. When you consider the sheer magnitude of the Internet of Things, you could apply this concept practically anywhere — like renting or buying your new home and setting up all the services and utilities you might use.”

Visa is a DocSign strategic investor, with the goal to help drive its expansion to additional countries while acquiring new customers.