The Times of India, June 19, 2022, reported that the digital card market for groceries, fuel, restaurants, and QSRs accounts for 80% of the volume and 60% of the value of all card transactions in India. Due to the covid-19 pandemic, consumers are more inclined to use contactless payment methods.
A fuel card is one such initiative, designed in a manner to be used specifically in the filling stations for petrol/diesel purchases. This is a prepaid card that has to be loaded in advance and can be reloaded at any time. Due to its specific use, it is a more efficient way to spend money on buying petrol and diesel instead of using credit cards and cash.
Depending on their needs, BankIT customers can choose between plastic and virtual cards. The card can also be customized according to the requirements of the customer.
How does it help in saving from our expenses?
For corporate use:
Often, employees of construction, architectural, surveying, and geological companies whose work is solely based on surveys have to provide travel allowances. As a result of the haste with which employers supervise multiple allowances, their employees often trick them with fraudulent billings.
Keeping such fraud at bay can be achieved by issuing a variety of virtual fuel cards at one time, each of which can be topped up according to the employee's travel plans. The employer can thus easily monitor the fuel expenditures and visiting locations of each employee at any time and from anywhere.
Transportation Company’s savior
Fleet cards are best suited for companies whose work depends on the fleet of automobiles such as rental car services, truck services, and private bus services. This type of card has proven helpful both for drivers and their employers.
On the one hand, an employer cannot be cheated by the drivers, and on the other hand, the drivers can keep a record of their journey in case of doubt. Drivers can simply ask their employer to split the fuel cost from their salary beforehand.
The owner of the company can control the purchases in fuel stations; they can set limits on particular cards and restrict the purchases by drivers.
For individual use:
Specifying the utilization of funds
When a cardholder uses the same card for everything, he or she loses track of their expenses, which ultimately results in a low balance. By separating money from the total cost of fuel purchase in advance and putting it in one place, the need to monitor fuel expenses can be eliminated.
Fuel prepaid cards allow people to specify how much money they want to spend on their car’s gas and they can forget about keeping track of their spending. If required, one can also keep track of his/her spending on petrol and diesel to monitor and maintain accordingly.
Managing Month-end issues
At the end of the month when the month’s cost is already going downhill, it gets more difficult to regularly extract the cost of filling vehicles. In such cases, it would be beneficial to hold onto an account that is specifically designed for filling up the automobile. Using a fuel card is like having savings account in your pocket, allowing you to manage your disburse at any time.
Conserve funds for frequent travelers
If you are a frequent traveler who mostly travels alone, you might use most of your travel funds for filling up your vehicle, due to long distances traveled or short distances traveled within the local area.
For such reasons, you need to keep your travel cash parted from your regular cash flow and these prepaid cards are best suited for the purpose. You can just save your spare pennies on your card whenever you want, so you can use them when the time for a trip arrives.
Benefits provided by BankIT.
Consumers who like to use fuel cards in India have been increasing rapidly and few of them that operate with our services enjoy these advantages,
To ensure security we issue cards with a special pin code that is known only to the cardholder. The card can easily get canceled in case of any theft or loss simply by contacting customer service.
Few companies like to take care of their employees, and in order to do so, they offer several benefits. Benefits such as rewards points on fuel purchases, discounts on numerous occasions, cash backs, and many other enjoyments, we deliver the facility to customize the card in order to meet the needs of the business like this.
With the aim of providing its customers with the best fuel cards, BankIT creates MCC numbers that restrict the card to only be used in filling stations. In this way, the user cannot employ it to buy anything else and can save money for oil without having to worry about losing it by his own actions.
For bigger brands or a large number of orders, BankIT also comes up with the provision to BYOCP (Built Your Own Card Program). A company can easily customize the card according to their liking through the web portal given for such customers.
The use of fuel cards in India has also escalated due to their efficiency and theft proofing. Due to its advantages of fund managing, record keeping, and anti-theft personality one must keep the best fuel cards as a basic essential card in his/her pockets from an individual to drivers and companies.