OTI Reports Record Volume Growth of its Petroleum Payment Solution Implemented by BP

Tuesday 20 January 2004 08:56 CET | News

On Track Innovations (OTI) has reported record volume growth in its fuel management system, which is branded as FuelMaster by BP (Beyond Petroleum, formerly British Petroleum) at designated Fuel Retail outlets in Southern Africa.

FuelMaster sales increased from 100M liters (26M gallons) in 2002 to approximately 175M liters (46M gallons) in 2003, not including the volumes from the FuelMaster Express program. This 75% increase makes the FuelMaster system one of the most successful launches of a product payment and/or loyalty program in the petroleum industry. The FuelMaster program monitors and expedites the fueling and payment process for fleets. The system permits the fueling of designated vehicles only, thus eliminating potential fraud. It also brings convenience to fleet managers by providing comprehensive billing, while reporting fuel consumption and mileage. The FuelMaster Express program, which is aimed at private motorists, uses an OTI contactless smart key fob to carry a drivers payment information. The key fob is presented to the reader located on the pump and can be used at the convenience store for purchasing and gaining loyalty points. In 2003 ABSA, the largest retail bank in South Africa has joined the program, solidifying FuelMasters dominant position in the market. OTIs business model includes generating revenues from both product sales as well as volume-based fee in the FuelMaster Program. EasyFuel wireless solution represents the next generation of OTIs Gasoline Management System, a totally wireless solution for gas stations. It dramatically reduces installation and maintenance costs, allows for quick and easy deployment, and has a rapid return on investment. The system is based on OTIs patented technology that allows the RFID smart tag to work in both short and long-range situations. The EasyFuel system has built-in strong benefits for the oil companies, commercial fleet operators, financial institutions, and private motorists. The oil companies build loyalty with fleet companies via long-term contracts, as well as with private motorists. The OTI solutions are easily integrated into existing hardware and software systems. The system allows for 24-hour non-attendant sales, as well as greater in-store purchases. Fleet companies eliminate non-authorized fueling and receive comprehensive billing and detailed operating information. The financial institutions benefit from new transaction fees and greater cash flows. Retail customers receive 24-hour, fast, cashless service and loyalty program rewards. Re

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Categories: Payments & Commerce | Cards
Countries: World
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Payments & Commerce