B2B Fuel Cards Market

A haulier with 50 trucks burning 9,000 gallons a month at the USD 3.29 average fuel price per gallon that WEX reported for the fourth quarter of 2025 spends about USD 29,610 a month at the pump, so a card rebate of 3 cents a gallon is worth USD 270 a month and a USD 2 monthly card fee on 50 cards costs USD 100. That trade-off is what the B2B fuel cards market prices. B2B fuel cards are payment cards issued to businesses for fuel, charging and related vehicle spend, with per-driver controls and consolidated invoicing; the market covers issuer revenue from card fees, merchant and network fees, interchange and late-payment charges, not the fuel itself. Douglas Insights sizes it at USD 9.66 billion in 2025, built as 68.4 million active fleet cards times USD 141.2 of issuer revenue per card a year, rising to USD 16.61 billion by 2035 at a 5.57% revenue CAGR. The anchor event: on 4 February 2026 Corpay reported 2025 Vehicle Payments revenue of USD 2.14 billion, up 6%. The study belongs to our banking, financial services and insurance coverage and follows the Douglas Insights research methodology.

Why are small fleets moving from expense reimbursement to B2B fuel cards?

Gross B2B fuel card volume growth runs at 4.5 points a year. It comes from three sources: small fleets dropping driver reimbursement (1.6 points), new acceptance at EV chargers (1.5 points) and digital fuel cards in Latin America and Asia (1.4 points). Restraints remove 1.1 points, leaving the 3.4% volume leg.

Small fleets are the largest pool of unconverted spend. A business with 5 to 20 vans that still reimburses drivers handles receipts by hand, and a fuel card replaces that with one invoice and a line per transaction. Douglas Insights estimates that conversion of such fleets adds 1.6 points a year to active card counts through 2035. The arithmetic for the buyer is plain: at 9,000 gallons a month the 3-cent rebate alone returns USD 3,240 a year, before any saving on admin time. Card counts follow drivers, not vehicles, so our model gives a 20-van business 22 to 25 cards.

Charging acceptance is the second engine. WEX states in its 2025 annual report on Form 10-K that its closed-loop network in the U.S. covers more than 90 percent of fuel charging locations, with broad acceptance at EV charging sites. A mixed fleet keeps one card for diesel, gasoline and EV charging, which stops the leakage of electric vans onto employee credit cards. Douglas Insights puts the contribution of mixed-energy issuance at 1.5 points of annual card growth, because each electrified depot keeps its fuel card program rather than cancelling it.

Digital issuance in emerging markets supplies the third 1.4 points. Corpay bought Gringo, a Brazilian vehicle app, in the first quarter of 2025 and reports it inside Vehicle Payments, according to its results release of 4 February 2026. App-based fuel cards cut issuing costs to near zero, so fleets of 3 or 4 vehicles become worth signing. Latin America and Asia Pacific hold 23.3% of 2025 revenue but deliver 39.0% of the revenue added to 2035 in our model.

Price per card rises 2.1% a year on top, so the 3.4-point volume leg and the price leg multiply to the 5.57% revenue rate. Volume does the heavier lifting: it takes active cards from 68.4 million in 2025 to 95.6 million by 2035. Fees track fuel prices only partly, since most issuer revenue in North America is a share of spend, and value-added services such as toll, maintenance and telematics data add revenue per card without new plastic.

Which headwinds slow B2B fuel card issuance as depots install their own chargers?

Two headwinds take 1.1 points off B2B fuel card volume growth each year. They are depot and home charging that bypasses the card network (0.6 points) and open-loop corporate cards that capture fuel spend at small firms (0.5 points). Both are already visible in issuer results.

Depot charging is the bigger drag. A van charged overnight at its own depot buys no fuel at a station, so the fuel card loses the transaction and the merchant fee. Douglas Insights models 0.6 points of lost card growth from that effect, rising later in the decade as electric van share climbs. Issuers answer with home-charging reimbursement products, but those carry thinner fees than a closed-loop fuel card swipe.

General corporate cards are the second limit. A small firm already running a bank corporate card sees less reason to add a fuel-only card, especially where fuel is under 10% of operating cost. That substitution removes about 0.5 points a year. Fuel price swings matter too: WEX’s average price fell from USD 3.38 in the third quarter of 2025 to USD 3.29 in the fourth, and spend-linked revenue moves with it.

Which card type leads B2B fuel card revenue: branded, universal or merchant-network?

Branded oil-company cards lead with 46.3% of 2025 B2B fuel card revenue, USD 4.47 billion, because they come bundled with site discounts at the brand’s own forecourts. Universal multi-brand cards hold 31.8% and grow faster, at 6.4% a year, since fleets crossing regions need acceptance across brands.

Branded oil-company cards earn USD 4.47 billion in 2025 and grow 3.7% a year to USD 6.43 billion, slowed by station closures and EV migration. Universal multi-brand cards earn USD 3.07 billion and reach USD 5.71 billion, as long-haul and mixed fleets want one card across all networks. Merchant-network cards, run on open payment rails with fuel controls, bring in USD 1.37 billion and grow 4.8% to USD 2.19 billion. EV charging and mixed-energy cards are the fastest segment at 11.3% a year, from USD 743.7 million to USD 2.17 billion, because every electric van added to a fleet needs a charging credential tied to the same invoice.

By fuel type, diesel still carries most spend on fleet cards, gasoline dominates light commercial fleets, and EV charging is the smallest but fastest line.

Which fleet size buys the most B2B fuel cards per vehicle?

Large fleets hold about 41% of active B2B fuel cards in Douglas Insights’ 2025 base, mid-size fleets about 33% and small fleets about 26%, but small fleets add cards fastest. Revenue per card is highest in small fleets, where fixed monthly fees spread over fewer gallons.

Large fleets, with 100 vehicles or more, negotiate rebates down to cents per gallon and pay little or no card fee, so their revenue per card sits near USD 95 in our model. Mid-size fleets pay about USD 140. Small fleets pay close to USD 210 per card a year once monthly fees and late charges are counted. Those three bands blend to the USD 141.2 average. Small fleets also churn more, which is why issuers now sign them through apps rather than field sales.

Where do B2B fuel card issuers earn the most: North America, Europe or Asia Pacific?

North America leads with USD 3.73 billion of 2025 B2B fuel card revenue, 38.6%, because closed-loop networks there charge merchants and fleets directly. Asia Pacific grows fastest at 8.4% a year as fleet card programs reach Asian trucking fleets.

North America reaches USD 5.68 billion by 2035, growing 4.3% a year from a mature base where WEX and Corpay already cover most fleets. Europe holds USD 3.27 billion in 2025 and climbs at 4.8% to USD 5.23 billion, lifted by toll and cross-border services sold with the card; DKV Mobility alone handled EUR 17 billion of transaction volume in 2023, per a 30 September 2024 statement on its return to full family ownership. Asia Pacific rises from USD 1.46 billion to USD 3.27 billion. Latin America grows 7.9% a year from USD 792.0 million to USD 1.69 billion, carried by Brazil’s app-based fuel payment. The wildcard is the Middle East and Africa: USD 405.6 million in 2025 and USD 736.1 million by 2035 at 6.14%, a range that depends on whether Gulf fuel retailers open their forecourts to third-party fleet cards.

Readers tracking connected trucks can pair this with our Commercial Vehicle Internet of Vehicles Market study, since telematics data now feeds fuel card controls.

Which companies control the B2B fuel card networks after Corpay bought Gringo?

Corpay leads the B2B fuel cards market with about 22.1% of 2025 issuer revenue, based on USD 2.14 billion of reported Vehicle Payments revenue. The top three, Corpay, WEX and Edenred, hold about 44.6% on Douglas Insights estimates built from their disclosed segment revenue.

Corpay’s position rests on the largest disclosed vehicle payments revenue; its 4 February 2026 release gave fourth-quarter Vehicle Payments revenue of USD 572.8 million, up 15%, and 10% on a pro forma, macro-adjusted basis. WEX follows with USD 1.39 billion of 2025 Mobility revenue, about 14.4% of the market, from a closed-loop U.S. network and roughly 546 million payment processing transactions across the four quarters of 2025. Edenred’s Mobility line posted EUR 347 million of operating revenue in the first half of 2025, up 10.9% like-for-like, per its H1 2025 results; Douglas Insights annualises that at about USD 0.78 billion. DKV Mobility serves more than 374,000 truck and fleet customers across more than 50 countries. Shell Fleet Solutions sells branded fuel cards to fleets from light to heavy-duty. Gringo, now inside Corpay, gives the leader a consumer-style app in Brazil.

How much do fleets pay in B2B fuel card fees, rebates and interchange?

Fleets pay an average of USD 141.2 per B2B fuel card a year in Douglas Insights’ 2025 model, with bands running from about USD 95 for large fleets to about USD 210 for small ones. The amount covers card fees, the issuer’s share of merchant fees and late charges.

In North America most issuer revenue is spend-linked: a fee of a few cents per gallon or a share of the transaction, paid by the station or network. At the USD 3.29 average price, a 2% take on spend equals 6.6 cents a gallon. European branded fuel cards lean more, in our model, on fixed card fees of EUR 1 to EUR 3 a month and on service charges for tolls and VAT recovery. Rebates flow the other way: large fleets win 2 to 5 cents a gallon back, which is why their net revenue per card is the lowest. The per-card price rises from USD 141.2 in 2025 to USD 173.8 by 2035, a 2.1% yearly gain from new services rather than higher fees.

Readers comparing the station side can see hardware costs in our Outdoor Payment Terminal Market report.

Why does fraud control at the pump keep fleets on fuel cards?

Fraud control keeps fleets on a dedicated fuel card even when a corporate card exists: for a 50-truck fleet, stopping 1% leakage is worth about USD 296 a month, against USD 100 in card fees. Per-driver PINs and product limits do the work.

A corporate card cannot block a driver from buying snacks or filling a private car; a fuel card can refuse anything outside diesel or gasoline, cap gallons per day and flag a fill larger than the tank. The 50-truck fleet in our example spends USD 29,610 a month at the pump. Saving 1% of it pays the card fees almost three times over.

Which interchange rules and fuel tax policies shape B2B fuel card economics?

Card interchange rules set the ceiling on B2B fuel card revenue in the European Union, where Regulation (EU) 2015/751 of 29 April 2015 governs interchange fees on card-based payments. In the U.S., state and federal rules on payment and fleet services apply, which WEX lists as evolving.

Tax reporting adds value too: fuel cards that capture fuel type, quantity and location make fuel tax and VAT recovery simpler for fleets operating across borders. WEX’s 2025 annual report notes that the laws and regulations that apply to it are often evolving and sometimes inconsistent, a direct cost for issuers that span many states. Regulation in our model is neutral to the volume leg but caps the price leg at 2.1% a year.

What if electric vans shift the 2035 B2B fuel card forecast faster than expected?

The base case reaches USD 16.61 billion in 2035 on 3.4% volume and 2.1% price growth. A slower case at 2.4% volume gives USD 15.07 billion, and a faster case at 4.4% gives USD 18.29 billion. One point of volume growth shifts the 2035 B2B fuel card figure by about USD 1.68 billion.

The slower case assumes depot charging strips more swipes than issuers replace with charging credentials. The faster case assumes the Gringo pattern, app-signed small fleets, spreads beyond Brazil. Corpay’s 15% fourth-quarter Vehicle Payments growth, reported on 4 February 2026, sits closer to the faster case for now. Published forecasts for fuel cards run from 5.6% to 16% a year, but most of them size fuel spend, not issuer revenue. Our 5.57% sits at the low end of that range because it counts only fees.

Douglas Exclusive: the B2B Fuel Card Acceptance-Revenue Matrix

The Acceptance-Revenue Matrix is a Douglas Insights model built from 13 sourced inputs: 7 disclosed company figures, 4 quarterly WEX fuel prices, 1 network-coverage statement and 1 regulation. It crosses 4 fuel card types with 5 regions, ranking each by 2025 revenue and growth to 2035.

The matrix is a modelled view, not an official register. On the card axis, EV charging and mixed-energy cards hold 7.7% of 2025 revenue but supply 20.5% of the revenue added by 2035. On the region axis, Asia Pacific and Latin America supply 39.0%. Branded oil-company cards in mature regions sit lowest on growth. The finding: fuel card growth to 2035 comes from charging acceptance and emerging-market issuance far more than from today’s core.

Methodology: how do 68.4 million fuel cards add up to USD 9.66 billion?

The 2025 B2B fuel cards market equals 68.4 million active cards times USD 141.2 of issuer revenue per card, or USD 9.66 billion. Five regions and 4 card types reconcile to that figure exactly, and the top three issuers disclose about USD 4.31 billion of it.

The model uses 13 sourced inputs across 5 regions. Inputs: Corpay Vehicle Payments revenue of USD 2.14 billion, WEX Mobility revenue of USD 1.39 billion, Edenred Mobility revenue of EUR 347 million for the half-year converted at 1.13 dollars per euro, DKV Mobility volume, and WEX quarterly fuel prices of USD 3.32, 3.28, 3.38 and 3.29. Volume grows 3.4% a year to 95.6 million cards in 2035; price grows 2.1% to USD 173.8. Cross-check one: the three disclosed issuers sum to 44.6% of the total. Cross-check two: Corpay’s fourth quarter of USD 572.8 million, times 4, gives USD 2.29 billion, 7.1% above its full year, in line with its 15% fourth-quarter growth. Finance readers can compare the credit side in our Unsecured Business Loan Market study.

Sources

1. Corpay Corpay fourth quarter and full year 2025 results (2026)
2. WEX Inc. WEX fourth quarter and full year 2025 results (2026)
3. U.S. SEC WEX Form 10-K for fiscal 2025 (2026)
4. Edenred Edenred H1 2025 results presentation (2025)
5. EUR-Lex Regulation (EU) 2015/751 (2015)
6. CVC DKV Mobility returns to full family ownership (2024)