Visa: Supercharging B2B Payments with Fleet 2.0 Launch

Visa is driving innovation with its B2B mobility payments and fleet development.

Its Fleet 2.0 card, which includes 15 different partners, targets issues faced within the industry, making it more user friendly.

The new card is set to provide greater flexibility and make fleet management systems significantly easier.

Consumer demand

For many years, the fleet management industry has seen complications and dissatisfaction regarding expense and payment situations.

77% of fleet drivers have said they are unhappy with how difficult existent payment solutions are.

Alongside this, 84% of operators said they were exasperated by the lack of a unified platform.

Now, Visa has created an innovation to transform fleet management financial systems, driving financial flexibility, and better control for both drivers and managers. 

With Visa Fleet 2.0, Visa is providing digital fleet payments, with the opportunity for partners to streamline operational complexity and expand their offerings.

Visa Fleet 2.0 offers an all-in-one solution full of comprehensive analytics, real-time tracking and easy payments. 

As a result, expense management can be simplified for individuals, small businesses and enterprises.

Visa Fleet 2.0 perks:

• Spend controls - control how much can be spent, when and where
• Digital onboarding - digital cards can be issued instantly
• All expenses covered 
• Enhanced data - better track spend
• Global acceptance - can be used wherever Visa is accepted
• Virtual card issuance - instant access to digital wallets
• Fuel discounting 
• In-car & mobile wallet enabled

Richard Campion, Head of Fleet & Mobility at Visa, says: “Business mobility is on the brink of huge change, with more adaptable solutions required to keep up with the pace of evolving customer needs.

"There is a significant opportunity for new, open-loop solutions that can unlock a range of benefits, better user experience, greater security and control. This is what drives us at Visa Fleet, alongside like-minded innovative partners.”

Supply chain satisfaction

Visa Fleet 2.0 provides benefits for everyone in the chain, from car issuer to company employees.

This new card launch is increasing transparency, value chain transparency and efficiency across every step, allowing for a more streamlined understanding of consumer needs. 

As a result, the fleet management industry will see a major improvement in operations, as delays are lessened and satisfaction is up.

Drivers and employees

This card provides an easy and quick payment system - rather than relying on over-complicated expense forms which result in delays and errors. For drivers especially, who have historically had to pay for their fuel and be reimbursed, this card provides a financial relief when expense times can be extended. 

Fleet and mobility managers

These cards reduce fraud as well as reduced card misuse as they're supported by a secure network with 24/7, real-time visible transaction data. Managers can be reassured that their employees are only using these cards for work purposes as they can receive updates and transparency. Moreover, it provides a simple platform, so nothing gets lost in translation and errors are significantly limited.

Card issuers

With Visa Fleet 2.0, there is increased customer satisfaction and retention, with more cards issued and a greater spend volume. These cards also provide more data to increase cross-sales and allow for customer engagement, which also helps create deeper client relationships. As a result, clients become loyal and card issuers can understand client preferences, allowing them to make more successful improvements in the future.

Collaborative innovation

Visa Fleet is the first in many innovate digital solutions which Visa is planning to introduce.

It has a goal of "revolutionis[ing] the sector" through its assurance of more thorough security and more choices for its consumers.

Its 15 new partners include: Cardlay; Carpay-Diem; Enfuce; Episode Six; Froda; G4S Telematix; Mynt; Nuek; Picafuel; Plan A; Pliant; RecieptHero; Stacc; The ai Corporation; and XXimo. 

These partners have been taking part in Visa's 'Ready for Fleet' programme, which provides technology partners with the tools, structure and authentication to make sure they are meeting Visa's standards. 

This new digital system is set to introduce more efficiency and resilience in the fleet management sector.