Mastercard and WEX launched a fleet management partnership focused on the Asia-Pacific region, according to a Monday (Oct. 12) press release.
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The collaboration is designed to combine universal fuel, vehicle fleet maintenance, tolling, parking and more into one payment experience, the release said.
“For decades, fleets have used one card for fuel and a patchwork of systems for everything else, leaving fleet managers to stitch it all together,” Matt Arthur, vice president and general manager, APAC Mobility at WEX, said in the release. “This strategic partnership creates a smarter infrastructure that allows our customers to manage the transition to hybrid fleets and navigate economic volatility with total visibility over their operations.”
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The partnership is expected to process billions of dollars in annual transactions as it extends to regional markets, according to the release. It Mastercard’s global network, which processed 175 billion transactions last year, with WEX’s expertise in fleet management and issuing virtual cards for travel payments.
APAC is becoming the fastest-growing fleet management region in the world, with fleet card transaction volumes in the region estimated at around $310 billion, or 31% of global volumes, per the release. Global volumes are forecast to increase at 14.3% a year through 2030.
“Despite this rapid expansion, fleet management operators across the region continue to face friction driven by fragmented data and siloed, legacy payment systems,” the release said.
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