The fuel cards are payment card used for making payment for gasoline, diesel and other fuels at the fuel stations. The use of fuel card saves time, money, and offers most convenience to the customers. The fleet cards also enables fleet owners and managers for receiving of real-time accounts and purchasing control cards supporting them to stay informed of all business-related expenses. These fuel cards are used making payment card for different fuels such as diesel, gasoline, and other fuels. They are also used for paying vehicle maintenance and expenses at the discretion of the fleet owner. Fuel cards provides different advantages at a much reduced risk of fraud, minimizing form filling and improve tracking and reporting stimulate the growth of fuel card market.
Fuel cards further enable and enhance the tracking of fleet expenses and efficiency of fleet by tracking a real-time mileage, interest and consumer preferences. The fleet operators use fuel cards for the costs, and providing maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. The data captured by a fuel card companies primarily include the odometer reading, fuel grades, fuel product, and fuel quantity, vehicle ID, driver ID and tax information along with the transaction details such as choices, preferences, time, location, spending interest amount and feedback system to ensure the enriching experience for customers repowering of fleet managers. These factors enable customers to have a propelling experience on using a fuel card.
According to study, “Global Fuel Cards Market Size study, by Type (Active Cards, Non-Active Cards), by Application (Moving Services, Packaging Services, Postal & Courier Services, Logistics Services, Taxi Booking & Support Services, Freight Transport, Private Cars, Others) and Regional Forecasts 2018-2025” the key companies operating in the global fuel cards market are ExxonMobil, Shell, SPC, Caltex Corporation, DBS, UOB, OCBC, Citibank, Standard Chartered, ANZ, HSBC, POSB, American Express, Maybank. The global vendors are now investing increasingly to improvise the overall services associated to use of fuel card offerings and further reducing the risk of fraud, minimizing form filling, and improving the tracking, preferences and reporting.
Based on type, fuel cards market is segmented into active cards and non-active cards. In addition, based on application, market is segmented into moving services, postal & courier services, packaging services, taxi booking & support services, logistics services, private cars, freight transport and others.
The fuel cards market is driven by increase in demand for cashless fuel transactions due to ease of use, followed by presence of huge number of value added services associated with the fuel cards, growth in digitalization in developing countries, surge in the number of internet users and rise in need to monitor spending through mobile payments & fuel rebates. However, threat of hacking and risk of fraudulent attacks may impact the market. Moreover, growth in technological advancement encourages new product launches that create key opportunities for the growth of the market.
Based on geography, the North-American is a leading region in fuel cards market owing to rise in adoption of advanced technologies in the region. Whereas, the European and Asian-Pacific regions are anticipated to witness higher growth rate due to surge in the adoption of branded cards in non-metro cities and towns over the forecast period.
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Ankur Gupta, Head Marketing & Communications