Today in the Connected Economy: Stripe Helps Toyota Streamline Car Repairs

Today in the connected economy, Toyota works with payments company Stripe on a program that lets auto repair shops trade used equipment and tools, electric vehicle subscription firm Autonomy looks to expand nationally with the help of AutoNation and Walmart teams with contact lens maker Waldo in its latest healthcare venture.

Toyota Taps Stripe to Help Auto Repair Shops

Toyota is working with Stripe on Mechacomi, a program designed to simplify repairs for auto shops while also lowering their carbon footprint.

“The challenge for the automotive industry, and the many local mechanics that support it, is that it’s a lot more complicated to service a car than it used to be,” the payments company said in a news release.

“The computerization of vehicles, along with the switch from internal combustion engines to hybrid or all-electric motors, has greatly expanded the range of repairs mechanics need to be able to perform.”

EV Subscription Firm Autonomy Expands With AutoNation

In an effort to expand across the country, electric vehicle (EV) subscription provider Autonomy has launched a partnership with automotive retailer AutoNation.

“The partnership will support Autonomy’s electric vehicle product expansion from the Tesla Model 3 into several automaker brands as well as its geographic expansion across the United States, leveraging AutoNation’s nationwide footprint,” the firms said in a news release.

The partnership will also see AutoNation support Autonomy’s plans to acquire up to 20,000 electric vehicles from car companies with the most popular EVs.

Walmart Teams With Waldo on Affordable Contact Lens Offering

Walmart is joining forces with eyecare brand Waldo to offer affordable contact lenses enriched with essential vitamins “to help refresh and rejuvenate eyes.”

“We are thrilled to partner with Walmart to expand access to affordable eyecare options across the country,” said Waldo founder and CEO Ashleigh Hinde. “Partnering with Walmart allows us to grow our community and help foster much larger conversation around the importance of eye health and the need for accessible options for eyecare.”

Walmart has more than 3,000 vision centers around the country. This partnership comes in the wake of last week’s news that Amazon had acquired primary care firm One Medical.

Ripple Partners With FOMO Pay to Improve Treasury Management

Singapore-based payment solution company FOMO Pay is working with Ripple to use Ripple’s cryptocurrency-powered technology for better cross-border treasury flows.

“On-Demand Liquidity (ODL) leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, enabling instant and low-cost settlement without the need to hold pre-funded capital in a destination market,” Ripple said in a news release.

ODL has been used chiefly for cross-border payments to help payment services providers and small and medium-sized businesses (SMBs) manage trapped capital that could be put to better use by helping these companies expand.

Plaid Launches Payments Tool in Beta to Boost Settlement

Plaid has announced the beta launch of a tool designed to improve variable recurring payments (VRPs) for consumers and businesses in the U.K.

VRP debuted in 2021 and offers users the ability to authenticate one time, meaning future automated payments can take place without additional verification.

For example, Plaid says that payments super app Expensify used VRP to streamline the way it manages money across expenses, corporate cards, and bills.