Visa (NYSE: V), a global enabler of digital payments, announced an advancement for Fleet Operators.
With the addition of Google Pay tokenization and push-to-wallet, Visa addresses the “challenge of fleet data tags being tied solely to the plastic card chip.”
Now, fleet data tags can be configured by the issuer, fintech or processor, allowing custom data tags “to be dynamically provisioned during the tokenization process.”
Once loaded into Google Pay with these fleet data tags, Visa’s contactless specification helps “ensure that token payment data and fleet data tags are transmitted to the point of sale (POS) and actioned upon seamlessly.”
Globally, fleet represents a $1.4T spend opportunity “on vehicle-related expenses by corporations, small businesses and the public sector.”
Historically, the end-user experience has been “manual and inconsistent, as existing fleet tokens did not function optimally for drivers at Fuel POS terminals due to missing fleet instructions for prompting and purchase restrictions.”
Visa’s tokenization capabilities, now “available for Google Pay, solve this pain point by enabling spend through digital credential push-to-wallet, card-on-file merchants and Click to Pay.”
This streamlined digital experience “reduces time to market, from 7-14 days with a physical card to just a matter of hours for digital wallet provisioning.”
With Apple Pay and Google Pay enabled for Visa Fleet Tokenization, approximately “92% of smartphones globally are compatible, based on global market share and NFC capability.”
As one of the initial pilot partners selected by Visa to bring tokenization and mobile wallet support to fleet cards, Highnote, a modern card issuing and embedded finance platform, “continues to collaborate with Visa to modernize fleet payments through embedded, digital-first experiences.”
John Macllwaine, CEO at Highnote:
“At Highnote, we’ve reimagined the fleet card from the ground up, designing for embedded, digital-first experiences that reflect how drivers and fleet managers actually operate today. Visa’s expansion of wallet support aligns with that vision, enabling us to bring the intelligence of modern payments directly into the hands of the people who move the world forward.”
As covered, Visa is an enabler of digital payments, ‘facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.’
Their mission is to connect the world “through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive.”
They believe that economies that include everyone “everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”