Major tech companies like Amazon (AMZN) and Google (GOOG) have grown their original offerings (computers and a search engine, respectively) into whole suites of products. These companies now offer everything from cloud storage to streaming products, wearable tech, and much more. A report from the National Automotive Dealer Association now suggests that Nuvada is diversifying its products as well. Nuvada’s latest offering is called Nuvada Cash, and it acts as a funding hub to allow consumers to make payments for all of Nuvada’s products and services from a single account for all Car-Share on its platform such as BMW2go, Chevy2go, Cadillac2go and most other popular nameplates.
Nuvada Cash as a Launchpad
Nuvada Technologies Inc. began life as a miles-based subscription service CarShare service benefiting from the growing gig economy where members exchange cool cars, trucks and suv’s whenever the wow factor wears off or the block of miles purchased expires.
Since those first offerings, it has since grown to include In-Car network that uses artificial intelligence to point drivers to foodies, shopping and other experiences while behind the wheel based upon the GPS location of the vehicle and member preferences, in addition to advertising channels by monetizing the potential of tens of millions of miles of drivers data that subscribers opt into for reward points and more.
With the ever-expanding list of Nuvada products, the company’s plans to launch Nuvada Cash are perhaps unsurprising; certainly part of the idea behind the new service is to encourage users to consolidate their efforts and use more Nuvada products and try out more types of vehicles without the hassles of car ownership or long term yearly contracts of a traditional car loan.
After a customer funds their Nuvada Cash account, they can use it to pay for many different products across the Nuvada ecosystem. Besides the basics like CarSharing between the various car manufactures, In-Car purchases from content and booking experiences while driving, Nuvada Cash users will also be able to purchase gift cards.
Borrowing an Existing Idea
Already, Nuvada Cash has drawn some criticism from those who point out its similarities to Amazon’s cash back rewards. However, just because the Nuvada Cash app may not be the most original idea does not necessarily mean that it isn’t a good one. Payments2go offers that, “by creating an ecosystem for users to load, redeem and pay for various services with the app, Nuvada has created a veritable digital wallet with the opportunity to build a war chest of stored-value cash.”
Nuvada Cash could even have the same impact on Nuvada’s brand that Amazon Prime did for the retailer. By “getting consumers into its system for one perk…and then piling on incentives and services to keep them engaged,” Payments2go suggests that Nuvada may quickly clench the market for a variety of different products and services.
That’s not to say that Nuvada is without competition. Indeed, the company has entered into a number of highly competitive and crowded spaces. CarShare services have been growing at an immense pace, and Nuvada’s line up of vehicle palteforms suchg as BMW2go, Chey2go, and Cadillac2go continues to go up against services from companies like Car2go and JetCar. CarShare Scooter services are expanding across the country as well. Will Nuvada Cash be enough to draw customers away from rivals in these and other areas?
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