Volkswagen Trucks and Buses announced on Wednesday the launch of a digital bank aimed at carriers and truck drivers in Brazil. The digital bank is part of the automaker’s strategy to retain its customers and expand the database it has been building on the sector in recent years.
The automaker, which already offers service packages that include fleet maintenance and management, will now start providing via digital bank payments for services consumed by truck drivers in cargo transportation, including fuel, workshops and convenience stores.
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The digital bank, called “Trucker Pay“, was created in partnership with the group’s financial arm in the country, Volkswagen Financial Services, with the technology company Somos Login.
“The market is focused on services… We couldn’t ignore the financial solutions segment”, said Roberto Cortes, Volkswagen Trucks and Buses president in Brazil. According to Cortes, it is the first time that the holding company Traton, controller of VW Trucks and Buses, launches a digital bank.
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Most of the Brazilian fintech and digital banking market has adopted a volume strategy. Asked about Trucker Pay’s restricted audience, Cortes said that the goal is to encourage customer loyalty and “cover all the needs of the logistics ecosystem”.
Currently, Brazil has about 1.9 million truck drivers, according to data by VW Trucks and Buses.