The fleet (fuel) card market saw continued growth during the past year, but headwinds are forming through fuel efficiencies and increasing alternative vehicle growth. Industry leaders are adapting in several ways, with technology and tactical policy/product changes creating potential new growth opportunities.
In a new research report, U.S. Fleet Card Market Review and Forecast, 2018–2023, Mercator Advisory Group reviews the estimated current market size and network share, projecting spending through 2023. The report delves into the issues and trends affecting this niche portion of the payments industry.
“The closed loop network portion of the spending continues to predominate since industry legacy approaches reside with larger fleets and the specialized controls associated with the more abundant data capabilities in these systems,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, author of the report. “As the service providers attempt to broaden their reach into small businesses and midsized fleets, collaboration with open loop network products will increase. This is one way to offset fuel price volatility and efficiency impacts in the shorter term, while a looming change is also there from the effects of alternative vehicles. Industry participants recognize the challenges and a need to adapt to the latest-generation technology, and there is general optimism that challenges will be met successfully.”
Access the full report on the Mercator Advisory Group website.
MSTS is a financial technology company, working globally with B2B companies across transportation, manufacturing, retail and eCommerce. MSTS’ Credit as a Service solution accelerates business commerce by streamlining payments and A/R processes. On behalf of its clients, MSTS processes over $5 billion in transactions a year. MSTS, a wholly-owned subsidiary of World Fuel Services Corporation, has 40 years of experience underwriting businesses for credit and facilitates transactions for its customers in more than 190 countries and territories. For more information, visit https://www.msts.com.
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The fleet (fuel) card market saw continued growth during the past year, but headwinds are forming through fuel efficiencies and increasing alternative vehicle growth.
MSTS had quite the year in 2019, complete with important product developments, several event appearances, and plenty of partnerships formed. With such a successful year coming to an end, we still expect 2020 to be that much better.
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