"The app would feature bluetooth-enabled digital key technology and would do everything the physical key does for you," media reported recently.

"It would even offer drivers the ability to receive multiple digital keys on the app, which would allow access to different Volvo vehicles in various locations. So car sharing would become a breeze, making it very appealing to families with several drivers, or even co-workers," the report said.

The app may also be able to book and pay for a rental car anywhere across the globe, and deliver the digital key right to your phone.

"At Volvo we are not interested in technology for the sake of technology," Henrik Green, vice-president, product strategy & vehicle line management said in statement, adding "new technology has to make our customers' lives easier and save them time.