Today, company car drivers have to manually enter in their driver ID and odometer reading every time they use a fleet card to pay at the pump. This can lead to mistakes and potential overspending on fuel.
Mastercard unveiled a new service to automatically integrate fuel and maintenance data from a connected car’s dashboard into the payment process. The service will streamline the process, providing fleet managers greater transparency and control.
“Technology is unlocking new ways to deliver greater peace of mind,” said Kiki Del Valle, senior vice president, Commerce for Every Device, Mastercard. “Combining digital payments capabilities with data from connected vehicles allows banks to give fleet managers a unique view into the inner workings of their business.”
U.S. Bank will be the first to pilot these new features, giving fleet managers the flexibility, visibility and control to manage day-to-day expenses.
With the new Mastercard service, fleet vehicles that roll into a gas station will automatically register vehicle data including location, odometer and fuel gauge readings when they arrive at the pump. Drivers will be able to refuel at the pump without having to manually enter their data.
„If a driver spends more on fuel than what is required by the car, both the fleet manager and the driver can receive an alert. Fleet managers will also have the ability to add customizable controls that allow a driver to use the card for purchases other than fuel if desired.”, according to the press release.
“U.S. Bank fleet customers have been seeking ways to enhance spend control, improve security and gain more visibility – all at the very speed their businesses operate,” said Dominic Venturo, chief innovation officer, U.S. Bank. “Bringing this vision to life with Mastercard is an important next step in making their companies more efficient.”
The US Bank pilot will also feature Mastercard dynamic spend controls to enable real-time permissions for per-diem and lodging approvals and unexpected repairs at a designated service station.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
