BMW and NXP Develop Car Key That Doubles As Credit Card

Posted by: Jennifer L. Schenker on October 21

Soon the keys to a brand new BMW won’t just buy you status. Within a few years you may be able to use them to purchase everything from gas to a subway ticket by simply dangling them in front of electronic reader devices. BMW Group Research and Technology and NXP Semiconductors, an independent chip company founded by Philips, have teamed up to develop what they say is the world’s first car key to double as a credit card. The prototype, which will be demonstrated during the CARTES & IDentification trade show in Paris November 4 to 6, contains contactless payment technology, allowing the keys to be used to pay for ad-hoc transactions at stores, gas stations, parking lots and toll booths, replacing the need for cash or regular credit cards. Such a “smart” key might also be used in future to access personalized in-vehicle online services in any BMW that a person might drive, making renting or sharing cars more convenient. Public transport tickets could also be electronically loaded onto the car keys, making it easier to hop from a parking lot onto a commuter train or subway.