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The governments of several countries in Europe have adopted advanced technologies for providing better services to people. In Europe, many private oil and gas companies offer its fuel card services to customers, for multiple application purposes, such as for, fuelling purposes, fleet servicing, toll payments, and real-time access to data. Fuel card is primarily used as payment card for petrol, gas, vehicle maintenance, and toll payments. There are multiple companies, such as AID Fuel Oils Group, BP Plc. and European Diesel Card Ltd. that offers international fuel cards by their own and via a third-party.
Fuel card providers are offering their cards with attracting offers, which includes discounted fuel prices and credit points. These are the primary factors that are driving the growth of the market in Europe. The market is booming in the market from past few years owing to the adoption of biometric and tokenization in the payment industry.
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Furthermore, the adoption of tokenization is anticipated to increase in the penetration of fuel cards in Europe. Additionally, companies that manufacturers fuel cards have started to embed the robust reporting facilities and telematics interface. Moreover, owing to the security from online predators, the fuel card manufacturers are focused on security.
Generally, there are three types of fuel cards offered by companies to their customers, such as branded fuel cards, merchant fuel cards, and universal fuel cards. These cards help customers in protecting businesses with real-time fraud detection and card blocking, which makes it more reliable and secure.
Some of the major players in the European fuel cards market include Fuel Card Services Ltd., W.A.G. payment solutions, Shell, Esso, DKV, BP, TOTAL, Aral, AS 24 (Total Group), OMV, Eurowag, UNION TANK Eckstein GmbH & Co. KG, and DKV Euro Service (DKV MOBILITY SERVICES Group).
By Vehicle Type
In Europe, the market is matured, due to the early adoptions of smart payment technologies. The U.K is projected to hold the prominent share of the Europe fuel card market in the forecast period. U.K is a leader in the market, owing to the increasing number of commercial vehicles and technological advancements. According to the study that was conducted by Deloitte in 2017, by 2021, registration of new cars in private channel may account for 37% share and 63% share for corporate channel in the region, which will increase the adoption of fuel cards in the region. The adoption of secured and reliable fuel cards has increased the growth of the fuel card market. Moreover, in Germany, new vehicle registrations are projected to increase to 2.9 Mn by 2020. These factors will boost the growth of the European fuel card market.
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