The payments and expense process in fleet operations has long been a pain point—one that Visa aims to solve with its Fleet 2.0 platform.
For companies managing large-scale fleets, lost or misused cards can be a significant financial drain. What’s more, the reporting process—often-manual—has been a constant source of frustration for drivers. According to Visa, roughly two-thirds of drivers are unhappy with the complexity of their existing payment solutions, while 84% express frustration with fragmented systems.
With Visa Fleet 2.0, the goal was to create a unified digital solution that alleviates the issues for both managers and drivers. The platform is set to launch in Europe with 15 partners on board.
Unifying Credentials
For managers, Fleet 2.0 provides configurable spending controls that can be adjusted based on time and location. Fleet managers can also track purchase data to reduce misuse and improve decision-making.
For drivers, the platform simplifies payments by reducing the need for multiple credentials. Drivers are digitally onboarded and instantly issued a virtual card, which is available in their digital wallet.
Virtual cards are a key technology transforming business payments. They enable faster, more efficient transactions with stronger guardrails. For example, a virtual card could be issued as a one-time payment for a single driver on a single day, while still giving fleet managers the recourse to issue chargebacks if conditions aren’t fulfilled.
Measurable Revenue Impacts
Fleet management has traditionally been encumbered by expense forms, delays, and manual errors. Digitizing this process can have measurable revenue impacts for those companies who modernize their systems.
“There’s something to be said for digital payments and reducing friction at the point of sale,” Ben Danner, Senior Credit and Commercial Analyst at Javelin Strategy & Research told PaymentsJournal. “All of this is controlled in a unified mobile experience without having to reach in your wallet and fumble and look around for that physical card. Everything is going into this digital world and that goes a long way toward reducing friction.”
