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U.S. Bank Enters Over the Road Market With Fuel Card Network Acquisition
July 26, 2012
U.S. Bank, an experienced provider of fleet card solutions to Class 1 through 6 vehicles, has acquired TransCard's card network and plans to launch the U.S. Bank Over The Road Card program in September.
From a PaymentsSource article:
"We have been looking to get into this Class7-8 market for several years," said Kurt Adams, president of U.S. Bank's corporate payment systems. "There weren't a lot of opportunities out there. It was better for us to get into the heavy-duty market throguh acquisition. This is a more attractive, proven product in the heavy-duty market."
U.S. Bank will be issuing a dual-use MasterCard drivers can use to charge business expenses including fuel, maintenance, and tolls, or pay for personal transactions with the card's prepaid component, which also can function as a payroll card. The program will target medium and large sized fleets with Class 7 and 8 vehicles.
to read more from PaymentsSource.
to read more about the deal from Transport Topics.
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