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Fuel Cards Market Trends

Report ID: GMI6216
Published Date: Jul 2023
Report Format: PDF

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Fuel Cards Market Trends

RFID, radio frequency identification, has been a crucial technological advancement in the fuel cards business. RFID is a wireless communication, which brings convenience for seamless transactions at the gas stations. With the application of RFID, the drivers can make the payment in a hassle-free manner for their fuels. RFID enables the user to make payments by tapping or waving near the RFID sensor or the receiver. By getting in contact with the RFID sensors, the payment process gets initiated and completed once the transaction credentials are matched. This contactless payment process has eliminated the traditional card swiping techniques to perform transactions. RFID technology has taken leap towards making the fuel cards applications more efficient and user friendly. The tap and go payment process has minimized the physical contact to eliminate the chances of the fuel card skimming.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market size for fuel cards size was USD 532.5 billion in 2022 and is anticipated to witness over 15.5% CAGR by 2032 due to their benefits, such as detailed transaction data for applying cost saving measures.

The fuel refill application segment held over 65% share of the industry in 2022 driven by the surging need for fuel refilling with other services regarding transport vehicles.

North America industry size was over USD 215 billion in 2022 and will witness over 14% CAGR by 2032 driven by the strong presence of technologically advanced trucking sector in the region

Aral Fuel Cards, Engen Limited, British Petroleum, FleetCor Technologies, and U.S. Bancorp are some of the prominent key fuel cards industry players