3M announced it is investing in contactless e-payments system provider motionID technologies AG through its 3M New Ventures wing.
Munich-based motionID is the developer of an innovative e-payment system, VIATAG, that enables drivers to automatically pay parking fees without having to whip out their wallets. The system uses a small RFID tag attached to the vehicle’s windshield that provides contactless identification and payment capabilities. The system is currently used in parking garages, where the barrier opens automatically and the parking fee is charged directly to the tag upon exiting. MotionID says the system can also be used in other applications, such as drive-thrus, gas stations and car-washes.
3M says the primary advantage of this investment is that it will bring together 3M’s and motionID’s “diverse and complementary” technology portfolios. Terms of the transaction were not disclosed.
“With VIATAG, motionID has created an extremely innovative product for the interaction of vehicles and infrastructure,” said Stefan Gabriel, president of 3M New Ventures. “In the area of intelligent mobility, there are numerous applications where this technology can be applied in cooperation with 3M.”