Visa to Introduce Tokenization and Digital Wallet Features for Fleet Cards

Visa is set to enhance its Fleet card offerings by integrating tokenization and mobile wallet provisioning, enabling issuers and FinTechs to securely embed encrypted and tokenized card details into Apple Pay and other digital payment platforms.

A Seamless and Secure Payment Experience for Fleet Drivers

With these advancements, commercial fleet drivers and fleet managers will benefit from a more secure and seamless payment experience. According to Gloria Colgan, Global Head of Products at Visa Commercial Solutions, these enhancements will soon be available to help streamline digital transactions for fleet payments.

The new capabilities will allow:

• Fleet data tags to be included during token provisioning, ensuring payment details are accurately passed to the point of sale.
• Digital credentials to be integrated into mobile wallets, card-on-file merchants, and Click to Pay, reducing time to market.
• Instant issuance of digital fleet cards for improved user experience and tighter financial controls.

Pilot Success and Industry Impact

Visa piloted these enhancements from April to November with Highnote, a U.S.-based issuer-processor and program manager. John MacIlwaine, CEO and co-founder of Highnote, praised the initiative, stating that it empowers fleet drivers by modernizing payment processes.

“The fleet payments sector has long been ripe for modernization,” MacIlwaine said. “Thanks to payment innovation, that transformation is happening quickly.”

Empowering Businesses with Digital Wallet Integration

Digital wallets have become a key enabler of secure and efficient B2B payments. By integrating virtual fleet cards into mobile wallets, businesses can:

• Gain greater control over corporate spending, particularly unexpected expenses.
• Provision virtual corporate cards directly to employees’ mobile phones.
• Enable secure, contactless transactions while maintaining corporate oversight.

“We have multiple tools—both internally and through partnerships—to expand commercial payment acceptance,” Colgan said in during an interview in August 2023.

Visa’s latest enhancements mark a major step forward in fleet payment innovation, offering businesses greater security, efficiency, and control in managing their financial operations.