Fuel Card Market to Witness an Outstanding Growth by 2028 – Fact.MR

Fuel remains a significant cost for many businesses. Hence, fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchase but also provides a detailed report to the fleet managers including liters of fuel filled, mileage of the vehicle and also if there is a need for vehicle servicing. Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to provide branded fuel cards, and merchant branded cards. Fuel cards are now being embedded with Telematics interface providing enhanced data and improving fleet management. Host Card Emulation (HCE) technology is also being used by fuel card issuers. As integrating fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps for providing various customer services, loyalty program, etc.

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However, fuel card industry is still facing some definite challenges including changing legal framework, rising competition, increasing customer expectations, increase in electric and hybrid cars will result in petrol stations getting replaced with charging stations, hence, fuel card providers will need to adapt to this change and budgetary concerns due to volatile fuel prices. These all challenges together put a significant pressure on fuel card providers.

Fuel Card Market – Competitive Landscape

In April 2019, Radius Payment Solutions – a U.K.-based payment and fleet services company – announced it has acquired Plant-i – a leading provider of telematics and detailed risk management solutions for the construction sector. With this acquisition, Radius Payment Solutions will add Plant-i’s 25,000 assets to its portfolio to become one of the largest telematics company with over 120,000 devices.

In March 2019, FleetCor Technologies, Inc. – a leading provider of fuel cards and workforce payment services – announced that it has entered a definitive agreement with Nvoicepay, Inc. – a developer of accounts payable (AP) software for domestic and international b2b payments. With this acquisition, the company aims to expand its Corporate Payments portfolio by incorporating Nvoicepay’s automated AP solutions, which could help FleetCor to manage full disbursement of accounts payables, including both domestic and international payables, for businesses.

In March 2019, WEX Inc. – a U.S.-based provider of payment solutions – announced that it will acquire the fuel card business of EG Group – a European fuel station and convenience retailer. The company aims to broaden its fuel card acceptance in attractive European markets through the independent fuel card network developed by EG Group’s fuel card business. With this acquisition, the company also aims to reduce its sensitivity to retail fuel prices while strengthening its position in Europe.

In November 2018, Edenred – a leading French stakeholder in the fuel card market – announced that it has entered an agreement to acquire Corporate Spending Innovations (CSI) – a U.S.-based developer and provider of automated corporate payment software. The company announced that this acquisition is in line with the company’s Fast Forward strategy to strengthen its position in the buoyant corporate payment industry.

Leading players in the fuel card market profiled in the Fact.MR report include Fuel Genie (Worldline IT Services Ltd.), H24 (Ingenico Group), Valero Energy Corporation, Eurowag (W.A.G. payment solutions, a.s.), Hoyer GmbH, 360Fuelcard, Exxon Mobil Corporation, BP Plc., Royal Dutch Shell Plc., Total S.A., Marathon Petroleum Corporation, Repsol, S.A., Petro-Canada Superpass (Suncor Energy Inc.), Voyager Fleet Card, Radius Payment Solutions, and DKV Euro Service (DKV Mobility Services Group).

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Research Methodology

A recent study published by Fact.MR analyzes growth of the global fuel card market to provide readers with exclusive and actionable market insights. This study is backed by a two-step research process which is inclusive of various primary and secondary resources.

The primary research methodology includes discussions with experts of fuel card industry and information gathered after interviewing other stakeholders. In the secondary process, detailed information about the fuel card market is garnered through various resources such as company annual reports, trade journals, paid resources, press releases, and other publications relevant to fuel card.

After studying industry-validated information about the fuel card market, qualitative conclusions about the prospects of the market can be reached. Findings from these two main processes were used to determine an accurate and exhaustive forecast of global fuel card market for the period from 2018 to 2028.