Wirecard, the leading innovation driver of digital financial technology, announces a new fleet card program, to provide consumers, businesses, banks and oil companies with the first fully digital open loop fleet card solution.
The product has been developed together with Visa, the global leader in payments, and is an extension of the recently signed strategic partnership agreement that Wirecard has closed with Visa.
The fleet solution combines sophisticated fleet management, tracking and reporting tools with the ability to authorize, manage and pay securely for services like fuel, fleet maintenance, accommodation and food. As the whole solution is built onto Visa’s open loop cards, the product can be used within the whole Visa network - without the technical limitations of closed and proprietary networks. The solution will be rolled out in countries in the Central & Eastern Europe, Middle East and Africa (CEMEA) region first.
Wirecard’s platform also allows for real-time processing and administration of added information such as literage, mileage, productivity and maintenance cycles to card limits and spending patterns at multiple merchants. Beside the fleet management capabilities, the cards can also flexibly be used by drivers to pay for accommodation or unforeseen expenses such as repairs. At the same time, the fleet manager stays in control and is able to allow or disallow payments in real-time.
The global fleet cards market is on the rise: According to the latest report from Allied Market Research, the global fleet cards market was valued at $595,720m in 2016, and is projected to reach $842,410m by 2023, growing at a CAGR of 5.3% from 2017 to 2023.
Arne Matthias, Executive Vice President Issuing at Wirecard, said: “Historically, organizations that run fleets have typically required several systems, linked to different service providers, to manage vehicles and drivers. This is costly and time-consuming. The fleet card program we have built together with Visa brings everything together into one efficient solution. Thanks to the combination of our tech knowledge and their open loop payment system, we are now able to revolutionize the fleet card sector globally. The fleet market will be significantly impacted by digitization, and together with Visa, Wirecard sees itself as a disruptor in this market. The solution is currently being piloted with selective customers, and we will announce further partnerships later this year.”