Published On : 04 Sep 2018
The large strides made by the global cards and payment industry in recent years reinforced ceaseless technological advances and rapid changes in consumer preferences. The same wave underpinned the evolution of the fuel card market. Fuel cards or fleet cards for the payment of fuel at the fuel stations were traditionally used by trucking companies but over the years the market has changed demographics. These cards can also been used for the payment of vehicle maintenance, repairs, and a range of other expenses.
Fuel cards have gathered substantial steam among fleet managers and owners who use them to keep a close track of all business-related expenses of their fleet in real time. One of the key application benefits leveraged by them have been getting access to detailed, low-level reporting of various fleet data, notably pertaining to vehicles mileage and fuel used. Advancements in mobile payment technologies have brought several innovative features and are creating new avenues in the market. According to QYResearchReports, the global fuel cards market is expected to rise at a promising pace at least over the next four years.
Industry Developments that favorably influence Demand Dynamics
• Digitization of Payments led to Favorable Shifts
The several shifts that payment digitization has undertaken over the past few years across the globe have cumulatively enhanced consumer experiences. These shifts have been dotted by the trends such as proliferation of mobile phones usage, rapid uptake of apps, and advances in online payment channels. Similar shifts have influenced the contours of the fuel cards market. A notable impact is the rising usage of fuel cards for customer servicing. Oil and gas companies and financial technology companies are leveraging the potential of fuel cards to boost omnichannel presence for customers. The trend of analytics-based personalization is a promising trend brining new opportunities to the fore for these players.
• Integrating Technologies unleash higher Potential
Advances in chips used for Europay, MasterCard, and Visa (EMW) standards seem to set the pace for the fuel cards industry in more ways than one. The telematics used as a standard part of fuel cards offerings has been a key enabler of advanced fuel managed capabilities. This has been key focus of fuel card service providers for quite some time. This has made integration of GPS data with purchase data possible, finding out better ways to boost fleet performance.
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• Loyalty offerings Compelling Proposition
Loyalty programs have been at the forefront of the payment card industry. This has also been a key feature of fuel cards offered by leading oil and gas companies. Equipping the cards with such features have upped the attractiveness of the market among end users.
• Lapse in Payment Data Security key Impediments to Adoption
The vast benefits of fuel cars notwithstanding there are genuine concerns regarding payment data security. In recent years, these concerns have taken the shape of numerous data breaches at retailers. Hence, market players are increasingly concerned about the security cardholder verification methods. They are focused on bolstering end-to-end encryption in the process. The uptake of tokenization is expected to catalyze the growth of the market.
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