Wirecard enters fleet card market
Wirecard is developing a fleet card platform enabling companies to control fuel and other vehicle expenses through an open-loop system with Visa payment cards, the German company announced on Thursday.
Emphasizing an all-digital process to track and manage workforce expenses for fuel, fleet maintenance, accommodation and food, Wirecard’s fleet solution initially leverages credit cards, but the company is also exploring debit card options, a Wirecard spokesperson said.
“The fleet market will be significantly impacted by digitization, and together with Visa, Wirecard sees itself as a disruptor in this market,” said Arne Matthias, executive vice president of issuing at Germany-based Wirecard, in the release.
Whereas most existing fleet card solutions have a proprietary credit or debit card to restrict and control fleet payments, Wirecard’s open-loop system introduces a different approach, according to Matthias.
“Historically, organizations that run fleets have typically required several systems, linked to different service providers, to manage vehicles and drivers. The fleet card program we have built together with Visa brings everything together in one efficient solution,” Matthias added in the release.
Wirecard aims to initially target companies in central and eastern Europe, the Middle East and Africa with its offering, which is currently in the pilot stage, according to the release.