Standard Bank launches new fleet card with enhanced security, lower transaction fees

Standard Bank Fleet Management in partnership with Visa is proud to announce the launch of the new Standard Bank Visa Fleet card. To enhance security and peace of mind, the new Standard Bank Visa Fleet cards will be issued with an encrypted chip and PIN solution. This first-of-a-kind for the fleet management industry in SA will bring enhanced security, affordability and ease to the transaction process. 

Fraud on traditional magstripe fleet cards has escalated in recent times, which can result in severe business disruption. With no pin capability and very little encryption, the traditional fleet card has become a source of weakness in the payments industry.

By contrast, the Standard Bank Visa Fleet card with pin verification and encryption provides security that’s consistent with the latest payment capabilities in the market. This provides business owners and fleet managers with peace of mind in knowing drivers can transact with greater levels of security that prevents fraudulent activity from taking place. 

“The pandemic environment has spurred demand for home delivery, which has prompted businesses to gear up to provide home delivery, or beef up existing fleets,” says Derick de Vries, executive head of Standard Bank fleet and card management. “There are, however, risks associated with managing a fleet that if not provisioned for could affect the business’s bottom line.”

In recognition of these challenges, Standard Bank launched the new fleet card, which provides a way to bring down the overall costs of managing a fleet. The card also boasts reduced transaction fees while providing access to critical fleet data, in a user-friendly manner, through USSD or on the Standard Bank Mobile app. The streamlining and digitisation of a previously manual process can help fleet owners save money and time.  

“The pandemic has forced everyone to become more digital in the way we communicate, consume and conduct business,” says De Vries. “Within the fleet management space, we have been fast-tracked to think differently and consider how we can better leverage technology like data and analytics moving forward.

“Access to rich, real-time data can help businesses become more responsive and adapt faster. Insights derived from this data empowers business owners to make informed decisions that ultimately work to boost efficiency and reduce costs.”

The risk of virus transmission adds another layer of complexity for business owners managing fleets. Drivers will be at risk, for example, should they need to pay for expenses such as fuel or tolls with cash. With the tap-and-go functionality of the new card, drivers can avoid physical contact or the handling of cash.   

De Vries says the new Visa Fleet card will complement the existing fleet payment offering and that businesses’ access to it will depend on their individual fleet requirements.

“Standard Bank has always been about helping our customers move their business to greater heights, and this new solution allows us to enable that for our clients. The Visa Fleet card is designed to help business owners and managers gain full control of their fleet. Every day we work to help businesses unlock their growth."

This article was paid for by Standard Bank.