BP’s investment will help ryd strengthen its position within the market, grow into new international markets, and further build its offering. Its ecosystem already covers a range of car brands, apps and payment networks and is in use across several European markets.

ryd aims to meet the growing consumer demand for digital payments and the integrated experience that they can deliver. It is targeting the connected car data market, which is forecast to reach $19bn globally by 2030, and the non-fuel retail sales market, which is forecast to reach $285bn globally by the same year. Its technology also enables payment for EV charging, supporting the electrification of transport.

Through its investment and a partnership with ryd, BP aims to learn and benefit from ryd’s secure, scalable and flexible digital payment options to expand digital payment options for BP customers across Europe.

BP already offers digital payment options in the UK and the Netherlands via its BPme app. ryd will enable BP’s digital customer offer to expand into additional European markets.

Alex Jensen, BP’s Senior Vice President mobility and convenience, Europe and Southern Africa at BP, said: “In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites.

"ryd’s technology can help deliver just that, and for an increasing range of services.  Our investment and partnership will help BP provide these digital services more widely across Europe, making our customers’ experience easier and more enjoyable.”

Oliver Goetz, Founder and Chairman of ryd, said: “BP is the perfect addition to our impressive network. With ryd we want to enable hassle-free and secure interactions with cars. BP is the final piece to our puzzle and completes our ecosystem with strong strategic partners in all of our business areas: finance, automotive and energy.

"As ryd and its partners, BP expects tens of millions of car drivers to move to direct digital payment systems which are both connected to car data and to payment systems at gas stations and beyond.

"This new payment form is much faster, easier and more comfortable. ryd is on its way to lead this movement in Europe.”

Sandra Dax, CEO of ryd added: “Partnering with BP will help meet that demand and accelerate the growth of our network and ecosystem all over Europe. It will help ryd become even more appealing to end customers, and to new in-car and in-app-payment partners. The expected go-live of the first BP filling stations is planned for Q4, marking a period of exciting growth throughout Europe.”

Today ryd is accepted at 3,000 partner service stations across seven countries, which the business states, make it the biggest B2C network for digital fuelling in Europe. In addition to its direct customers ryd has access to 100 million customers via investors, partners and several car manufacturers.

Daniela Proske, Managing Partner at BP ventures will join the ryd board.