Tata Motors JLR tests Smart Wallet

London: Tata Motors-owned Jaguar Land Rover (JLR) is testing new "Smart Wallet" technology, which would enable future drivers of the luxury cars earn cryptocurrency and make driving related payments on the move.

The UK's largest car manufacturer said the "earn-as-you-drive" tests would mean future owners of its models earn credits by enabling their cars to automatically report useful road condition data, such as traffic congestion or potholes to navigation providers or local authorities.

Drivers could then redeem their rewards, such as free coffee, or use them to automatically pay tolls, parking fees and for smart charging electric vehicles.

"Smart Wallet removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services," JLR said in a statement.

Unlike other similar systems, due to its structure, Smart Wallet would require no transaction fee to operate and over time transactions will get faster across the entire network, forecast to include some 75 billion connected devices by 2025.

Drivers could also top-up their Smart Wallets using conventional payment methods, JLR said.