ACI Worldwide Joins the Fuels Institute

Rhea-AI Summary

ACI Worldwide (NASDAQ: ACIW) has joined the Fuels Institute and its Electric Vehicle (EV) Council to address issues in the vehicle and fuel markets amid a rise in EV adoption in the U.S. The Fuels Institute aims to prepare the industry for the expected surge in EV charging infrastructure. ACI serves major fuel and convenience merchants, offering solutions like ACI Omni-Commerce for secure omni-channel payments. With the Biden administration's goal of 500,000 EV charging devices by 2030, ACI's participation positions it favorably for future growth opportunities in the expanding EV market.

Positive

• Joining the Fuels Institute enhances ACI's industry presence and networking opportunities.
• Participation in the EV Council positions ACI to capitalize on the growing EV market.
• ACI's solutions for secure payments may attract more fuel and convenience merchants.

Negative

• The mass adoption of EVs is contingent on advancements in infrastructure and technology.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced it has joined the Fuels Institute, a nonprofit dedicated to evaluating issues affecting the vehicles and fuels markets. The Fuels Institute was founded by NACS, the leading global trade association dedicated to advancing convenience and fuel retailing.

ACI has also become part of the Institute’s Electric Vehicle (EV) Council. As the U.S. sees greater EV adoption, the EV Council is helping all participants in this ecosystem prepare for the surge in electric fuel.

ACI serves some of the country’s largest and most innovative fuel and convenience merchants, which utilize ACI Omni-Commerce, a secure, flexible omni-channel payments solution that allows them to enable new consumer journeys and payment experiences, while controlling costs and improving security.

“We are excited to welcome a global payments leader like ACI to the Fuels Institute,” said John Eichberger, executive director, Fuels Institute. “As EV infrastructure expands and hundreds of thousands of EV charging stations expect to deploy across the country, payments are a critically important factor for retailers, and organizations like ACI will help ready the industry for this evolution.”

“ACI delivers merchants a hassle-free fueling and convenience experience with instant, secure in-store, mobile and pay-at-the-pump payment options,” said Debbie Guerra, executive vice president, ACI Worldwide. “As the EV market continues its rapid ascent, merchants will see greater opportunities for growth in the form of additional consumer purchases. We have a long and successful track record serving the fuel industry, and we look forward to joining the Fuels Institute—alongside many of our customers and partners—contributing our insights and expertise.”

While there is growing demand, mass EV adoption will occur as advancements in capacity and infrastructure are made.

• Drivers require a network of convenient quick-charge stations, and while there are approximately 41,400 EV charging stations in the U.S., less than 5,000 are quick-charge stations (Department of Energy).
• The presidential administration is prioritizing a national EV charging network, promising to have at least 500,000 devices installed across the U.S. by 2030. Many fuel and convenience merchants have plans in place to be part of this network, already installing charging stations in early adoption areas. Recently, 7-Eleven announced plans to install 500 EV charging ports at 250 locations by the end of 2022.
• Seven percent of U.S. adults indicated they currently drive an EV or hybrid vehicle, and thirty-nine percent said they were at least somewhat likely to purchase an EV for their next car (Pew Research Center survey).

For additional insights into solutions and strategies for fuel and convenience merchants, please read our latest research paper: https://go.aciworldwide.com/MercatorPaper.html.

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

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FAQ

What recent development occurred regarding ACI Worldwide and the Fuels Institute?

ACI Worldwide has joined the Fuels Institute to contribute to discussions on the evolving vehicles and fuels markets.

How is ACI Worldwide involved with electric vehicles?

ACI has joined the Electric Vehicle Council within the Fuels Institute to help address the challenges of increasing EV adoption.

What opportunities does ACI Worldwide see in the electric vehicle market?

ACI Worldwide anticipates greater growth opportunities as the demand for secure and flexible payment solutions for EV charging increases.

What is the goal of the Biden administration regarding EV charging stations?

The Biden administration aims to install at least 500,000 EV charging devices across the U.S. by 2030.

How does ACI Worldwide serve fuel and convenience merchants?

ACI provides solutions like ACI Omni-Commerce for secure omni-channel payments, enabling merchants to enhance consumer payment experiences.