Electric vehicle adoption is having a natural uptick among fleet managers as the world transitions to a more sustainable future. Alongside the benefit of reduced emissions, EVs are also cost effective thanks to decreasing battery and charging costs and government-supplied tax credits.

These benefits have fueled a 35% compound annual growth rate for EV adoption in fleets, but high standards for functionality and accessibility still need to be met, supported by a reliable and expanding electric vehicle charging infrastructure.

Another area to be considered in this long-term shift is payments and data. The absence of a unified approach to payment systems, pricing and authentication across charging networks creates inefficiencies. On top of that, EVs generate unique, granular data, such as charging duration and energy consumed, that is critical for fleet operations. Finally, the vast majority of EV charging happens at residential buildings or fleet depots, not at public fuel stations as is the case with gas-powered vehicles, thus creating new requirements for tracking costs and reimbursing fleet drivers.

Our role as a trusted global payments partner for fleets gives us deep insight into the needs of fleet operators. Through strategic partnerships as well as our contributions to industry standards and regulatory discussions, we are helping make EV charging more seamless accessible and secure.

Learn more about the shift to EV fleets, the challenges involved and how Mastercard is addressing them, including simplifying the charging experience, ensuring payment interoperability and unlocking the data fleet operators need.