XOM Exxon Mobil Corp

ExxonMobil Corp. has joined the Car IQ Inc. payment network, which allows fleet companies to use Car IQ Pay's mobile payment platform to buy fuel and other services, the company said in a news release Monday.

Car IQ Pay, which works with Visa Fleet, is now accepted at more than 12,000 Exxon and Mobil stations, including more than 8,200 with retail diesel pumps and more than 800 with commercial truck diesel pumps. The payment solution expands locations for fueling large and small truck fleets, the announcement said.

The Car IQ website says the payment app uses vehicle data to create a "unique" ID that is authenticated before the purchase. "We connect directly to the merchant to initiate transactions. The vehicle ID is validated in real-time providing your business with the most security around," the company said online. Participating fleets sign in on the Car IQ portal to configure their vehicles. Car IQ validates each vehicle and confirms the fleet firm is in business. The fleet manager sets spending parameters for the vehicles. Car IQ says its platform eliminates the need for back-office reconciliation of multiple driver expense reports.

Drivers use the app to activate the pump and pay for fuel. The process eliminates the need for a credit card, PIN number or vehicle odometer reading.

Scott Waite, commercial programs manager for ExxonMobil Fuels, said the technology mitigates fraud, chargebacks and disputes and "provides huge marketing opportunities."

ExxonMobil said last week in an announcement to branded wholesalers that Car IQ works on the oil company's updated mobile payment platform launched late last year and does not require additional development or site configurations.

Founded in 2017, Car IQ Inc.'s mobile payment service is accepted nationwide. It allows fleets to automatically initiate and complete payments for services ranging from fueling, tolls, parking and electric vehicle charging.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

January 08, 2024 13:44 ET (18:44 GMT)

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