Mastercard has introduced a new service that automatically integrates fuel and maintenance data from a connected car’s dashboard into the payment process of a fleet card used at gas stations.
Currently, the data has to be manually entered by car drivers, which at times result in mistakes and potential overspending on fuel.
The new feature is aimed at optimizing the process and offer better transparency and control for fleet managers. US Bank is set to be the first institution to pilot the new service.
US Bank chief innovation officer Dominic Venturo said: “US 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.
“Bringing this vision to life with Mastercard is an important next step in making their companies more efficient.”
When a fleet vehicle comes into a gas station, the Mastercard service will automatically register the vehicle’s data such as location, odometer and fuel gauge readings, eliminating the need for manual entry.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
In case of more fuel spending than required by the car, a notification will be sent to the driver as well as the fleet manager, who will also have an option to add customisable controls to enable use of card for non-fuel purchases.
Mastercard senior vice-president of Commerce for Every Device Kiki Del Valle said: “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.”