German payments company Wirecard has teamed up with Visa to foray into the digital fleet card market.
The companies together have developed a new fleet card programme to offer consumers, businesses, banks and oil companies with a fully digital open loop fleet card solution.
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Dubbed Wirecard Fleet & Mobility, the new offering is touted to be the first fully digitised open loop solution for fleet card market.
The solution is currently being piloted with selective customers. The new solution combines fleet management, tracking and reporting tools, allows users to authorise, manage and pay securely for services such as fuel, fleet maintenance, accommodation and food.
Powered by Visa’s open loop cards, the platform can be used within the entire Visa network, without any technical limitations of closed and proprietary networks.
Wirecard’s platform facilitates real-time processing and administration of additional information such as literage, mileage, productivity and maintenance cycles to card limits and spending patterns at several merchants.
Drivers can also use the card to pay for accommodation or unforeseen expenses such as repairs. However, the fleet manager will have complete control over all transactions and can accept or reject such payments in real-time.
Wirecard executive vice president for issuing Arne Matthias said: “Historically, organisations 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 programme 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 revolutionise the fleet card sector globally.
“The fleet market will be significantly impacted by digitisation, and together with Visa, Wirecard sees itself as a disruptor in this market.”
Wirecard stated that the solution will be first rolled out in the Central & Eastern Europe, Middle East and Africa (CEMEA) region.
