Fuel cards are an apt answer to the increasing fuel costs

The increase in diesel and fuel costs is one of the most talked about topics today! The world today is walking towards a deadline that promises to have important consequences around the global fuel market. According to the IMO (International Maritime Organization), it will need sulfur in marine fuel in January 1st, 2020 to drop from 3.5% to 0.5%. It aimed at bringing down significant pollution from ships. The combustion of increased sulfur fuel gives rise to compounds such as sulfur dioxide that leads to respiratory issues and acid rain.

Considering the rising costs, both fleets and trucks would want to limit their fuel consumption and add to their savings. One of the best ways to do that is by opting in for, truck fuel cards that are made available by multiple new age service providers.

Understanding fleet and fuel cards  

Simply put, a fleet or fuel card is used for making payments for using diesel, gasoline and any other fuel form at the gas station. However, the fleet cards also get used for paying for vehicle repairs and other costs as per the fleet manager’s decision. Today, the card payment industry has been growing at a fast pace. It takes into account technological developments as well as ever-changing customer requirements.

The fuel cards offer a dynamic view of the fleet manager functions. It also enables the drivers to make cashless payment for fuel consumption and several other costs. In recent times, the fuel cards are incorporated with telematics to make use of GPS data and the bought data to track driver and fleet performance. Fleetmatics recently conducted a study that revealed that telematics enables in minimizing fuel use by 573 million annually.

Segmenting the fuel card market 

Today, you can divide the fuel card market depending on the vehicle you use, the card type and other geography terms. When it comes to the vehicle type, the market is categorized into the light and heavy fleets. The fuel cards help to keep the fleet costs for instance fuels, truck repairs, vehicle rental replacement, and other associated maintenance work. You have access to a wide range of fuel cards in the market. Based on the card type, the market can be divided into the following:

  • Merchant branded cards
  • Branded fuel cards
  • Universal fuel cards

Furthermore, fuel cards are instrumental in minimizing theft through the use of pin cards and chips. It also results in efficient fuel monitoring. Moreover, the fuel cards market today contributing to attaining the merging of the fragmented market of both fuel cards and cash cards.

Today, the international fuel card market is expected to witness vital growth at the time of the forecast period, depending on the increase in demand for cashless fuel transactions. It also depends on the accessibility of several value-added services associated with the fuel cards. Additionally, several other loyalty offerings get used for retaining customers in today’s ever-changing market place. All these factors put together will make the global fleet and fuel card market grow and help customers save on their fuel expenses.