The global Fuel Cards market size was valued at $XX million in past year and is expected to rise at a CAGR of xx% and reach $XX million over the forecast period. Major factors driving the fuel cards market are powerful online management and reporting tools, a simple payment solution for drivers, PIN Security and ease in payment & VAT approved invoices. Other than these factors fuel cards have several other benefits such as:
• It enables allocation of a particular amount for fuelling and restrains the fuel expenditure to that amount for a specific period of time and then monitors the expenditure usage with future viewpoint.

• Along with providing financial benefits such as discounts, cash back and etc. fuel cards also enables saving a lot of time by cutting down on administration. Moreover, fuel card replaces wading through heaps of receipts & expense claims, as fuel expenditure will now be in a sole HMRC compliant invoice.

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The global fuel card market has been segmented by different types, applications and geography. Further, type segment of the fuel card market is sub-segmented into active cards as well as non- active cards. Similarly, application segment of the market is bifurcated into cars, taxis, buses, and goods vehicles and other. Geographically, fuel card market across the globe has been segmented to various key regions covering Europe, North America, South America, Middle East & Africa and Asia-Pacific. Furthermore, Europe is anticipated to dominate the overall market with significant market over the forecast period.

The global fuel cards market is moderately fragmented as well as competitive with prominent players focusing over making innovations in production technologies in order to improve efficacy and shelf life. Some of the key players operating in the competitive landscape of the market include ExxonMobil, SPC, Shell, Caltex, UOB, DBS, OCBC, Standard Chartered, Citibank, ANZ, POSB, American Express, HSBC and Maybank. Moreover, competitive landscape of the market provides new opportunities for the new entrants.
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Analyst Commentary:
The cards and payments industry is changing at a fast pace. It is highly driven by changing customer behavior and preferences. The reason behind these change is the innovative approach of fintech key players, millennial customers embracing social media, mobile phones transforming the customer experience and regulatory changes impacting how the business is done. But, innovation has not been able to invade fuel card products offerings as compared to card product offerings. However, digitalization and the influence of IoT has evolved the overall industry.

The card industry has equally influenced fuel card industry with innovation. Amongst all the current trends, offering omni-channel experience to customers is essential. To make the customer experience more seamless, the industry has shifted more towards personalization based on analytics. It leverages online channels to lessen customer time and cost. Fuel card industry has started to leverage online apps and to help cardholders when searching nearest service station.

Fuel card industry has also adopted EMV (Europay, MasterCard and Visa) card issuance as it improved security and offers finer control of ‘offline’ credit card transaction approvals. Along with that, loyalty programs have always considered as key drivers to retain customers. Therefore, fuel card issuers encompasses rich loyalty program. Additional security is of uttermost significance, addition of Consumer device cardholder verification method evaluates whether payer is the legitimate owner of the instrument. Cards issuers are increasingly relying on social media for customer acquisition, keeping tab on customer sentiments and customer servicing. Embracing API-driven interface on fuel card platforms enable higher acquisition, campaigns and customer servicing. Offering all technological advancement demands for security, tokenization coupled with end-end encryption improves entire payment data security.

Card delivers not just dynamic view of operations to fleet managers but also helps drivers perform cashless payment for fuels as well as other expenses. In recent times, fuel cards are amalgamated with telematics to use GPS data coupled with purchase data to keep track of driver and fleet performance. According to a recent study, telematics has helped achieve lesser fuel consumption, the value touches more than 550 million gallons per year which saved almost USD 2.2Bn.

In general, fleet cards can offer a level of oversight that allow businesses handle better their identity cost-related as well as expenses trends. Additionally, business accountants use accounting analysis to regulate payment card usage and limits.
For instance, if a delivery business issue a fleet card to each of its employees (drivers) to pay for maintenance and buy fuel. As each fleet card is tied to an individual, the business can easily monitor the total amount spend by each employee on his route and eventually create estimate budget. When company observes that a particular employee fills up their vehicle more frequently, the budget make a downward adjustment on the limit of card.

Concentrating on key players, in the UK, Esso Card™ has strong presence as it tied-up with BP-Esso cross acceptance which implies using Esso Card fuel card at BP (BP fuel card), Esso service stations and Shell (Shell fuel card) across the country is possible. This offers access to more than 3,382 fuel card services sites alone in the UK.

Belgian Shell has declared that it is repositioning its fuel card for independents and professionals. They would be called as Network Fleet Card (NFC). This move is taken to innovate alternative energies to companies and lessen own carbon footprint. In future, it plans to replace fossil fuel energy by electricity.
The NFC is now available at service stations operated by DATS24 and LUKOIL. This offer uses a choice of over 1,500 sites in 2019 coupled with more than 22,000 sites in Europe. In reference to surplus service stations, Laurent Charlot, Belux Director Shell Fleet Solutions added that these new NFCs will assist companies and independent truckers to decrease their fuel budget by providing access to more than 800 low-cost service stations.

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