Fleet management has become an important task for fleet owners in a highly mobilized world. With the number of cars increasing as a result of ride-hailing and sharing apps, the trend has put an added responsibility on owners to efficiently manage their fleets and adopt cost-effective methods. Stakeholders in the fuel card market are simplifying the work of fleet owners by offering them reward points, discounts and other lucrative incentives.
The production of smart card is estimated to reach an output of ~300 million units by 2027 in the fuel card market. Hence, manufacturers are making efforts to elevate the personalized experience of customers, based on analytics. They are adopting the omni-channel experience approach to make customer experience more seamless. This approach is complemented with online channels to make the process of customer acquisition easier, time-saving, and cost-efficient. Stakeholders in the fuel card market are developing mobile applications to implement customer servicing, and these apps also help customers locate the nearest fuel station.
Another driver is the migration towards EMV (Europay, MasterCard, and Visa). Card-issuing players are increasing investments toward EMV to provide the benefits of chip-based cards to customers.
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Co-branded Fuel Cards Offer Seamless Digital Cashless Transactions
Co-branded fuel cards are being increasingly adopted by customers as a result of significant changes in their lifestyle and spending capacity. Stakeholders in the fuel card market are offering added benefits in co-branded cards, which has led to the growing adoption of fuel cards.
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The branded cards segment is anticipated to grow in terms of market share, and is projected to reach a production output of ~400 million units by 2027 in the fuel card market. Since Asia Pacific is anticipated for increased market growth, stakeholders are aiming to increase the penetration of branded cards in non-metro cities and towns of India. For instance, in September 2019, HDFC Bank LTD. an Indian banking and financial services company, announced the launch of a co-branded fuel credit card with Indian Oil Corporation Ltd. an Indian petroleum refining company, to promote digital cashless transactions.
Thus, stakeholders in the fuel card market are encouraging customers in smaller towns and cities to adopt digital cashless payments.
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Troubleshooting and Innovation Help Overcome Technological Hindrances
The fuel card market is moderately fragmented, which has encouraged emerging players to enter the market. However, certain challenges need to be addressed by stakeholders in this space. Omni-channel experience and analytics have opened up new opportunities for stakeholders in the fuel card market. However, within these opportunities, certain drawbacks in the framework are likely to impede market growth.
The fuel card industry is a complex environment to navigate complete end-to-end solutions for its many customers. Hence, it is virtually impossible for a single company to handle multiple functions of a modern fuel card management system. Thus, innovation is the key to constantly identify which function needs troubleshooting.
For instance, the security of payments is a huge concern in the market, as a result of data breaches. Hence, manufacturers are introducing tokenization and biometric authentication to enhance security and make digital payments safer. Leading retailers and card issuers are integrating tokenization in cards, as the technology offers end-to-end encryption of mobile-based payments.
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