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The increasing penetration of digitization in various industries, including logistics and transportation, is driving the demand for efficient and transparent payment solutions. In addition to this, the changing consumer preferences and increasing technological shifts are the two major factors that are driving the paradigm shift in global payments and cards industry.
Top Companies Covered in this Report:
1. BP P.L.C.
2. Exxon Mobil Corporation
3. Fleetcor Technologies, Inc.
4. Royal Dutch Shell plc
5. U.S. Bank
6. Wex Inc.
8. World Fuel Services
10. Radius Payment Solutions
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What is the Dynamics of Fuel Card Market?
The rising penetration of mobile phones has led customers to embrace mobile and in-app payment methods over the traditional payment methods. This trend of using alternative payment methods over traditional ones is anticipated to drive the adoption of fuel cards in North America.
What is the SCOPE of Fuel Card Market?
Various governments in this region are formulating policies to attract foreign direct investments (FDIs) in the technology sector with the increasing demand for enhanced digital services from customers. For instance, China’s government relaxed the restrictions on new entries with an objective to encourage overseas and private capital investments in their economy.
What is the Market Segmentation?
In the digital landscape, the Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, Made in China 2025, and Internet Plus. Australia has also taken initiatives to promote digital transformation of various industries with announcement of ‘Digital Transformation Strategy’. Over the past three years, Australia had delivered some transformational new services such as Airport SmartGates, myTax and Medicare which focused on transforming traditional services into digital services.
What is the Regional Framework of Fuel Card Market?
The fuel card market has been segmented based on type, application, and geography. Based on type, the fuel card market has been segmented into branded fuel cards, merchant fuel cards, and universal fuel cards. In 2018, the universal fuel cards segment contributed a substantial share in the global fuel card market. The merchant branded fuel cards segment is anticipated to grow at a rapid CAGR of 6.6% during the forecast period. The fuel card market is further segmented on the basis application into fuel refill, parking, vehicle service, toll charge, and others.
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