WEX Adds Shell Stations To DriverDash Payments Coverage
Zacks Investment Research | Jul 11, 2019 04:00AM ET
WEX Inc. (NYSE:WEX) announced yesterday that it has made WEX Fleet DriverDash mobile fuel payment platform available to fleet drivers at Shell-branded locations across the country. DriverDash allows drivers to authorize fuel payments from inside their vehicles.
With DriverDash now being offered by more than 13,000 Shell (LON:RDSa) stations, the total number of participating gas stations stand at 25,000. This includes 11,000 Exxon (NYSE:XOM) and Mobil stations that WEX added to DriverDash coverage last year.
WEX senior vice president of Product and Marketing Peggy Watson said, “Businesses will see less downtime for fueling, fewer clumsy receipts to collect and analyze, and better transaction security, often with the chance to accrue valuable Fuel Rewards Pro points.”
We observe that WEX shares have gained a massive 53.7% year to date, significantly outperforming the 39.7% rally of the industry it belongs to.
Our Take
The move is expected to help WEX strengthen its Fleet Solutions segment. It contributed 61% of total revenues and increased 1% year over year in the last reported quarter.
By expanding the reach of its advanced payment solution, the company seems to be trying to keep itself ahead of its competitors like MasterCard (NYSE:MA) , Visa (NYSE:V) and American Express (NYSE:AXP) .
Currently, WEX has a Zacks Rank #4 (Sell).
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