Mastercard and fuel payment fintech firm Payment24 are extending their collaboration across Eastern Europe, Middle East and Africa (EEMEA), to help boost security and drive innovation within the fleet and fuel payment industry.
From 2020, Payment24’s platform has been using Mastercard’s payment technology, enabling drivers to quickly and seamlessly make fuel payments anywhere Mastercard is accepted, without requiring additional approvals at the pump.
The partnership allows commercial fleet management companies to have more control and visibility of drivers’ spend, with the option to add purchasing controls to eliminate fraud.
Cape Town-headquartered Payment24 is a technology development firm that helps companies with large fleets to manage customers, operations and costs through an integrated online system via the Payment24 portal.
This expanded collaboration extends the geographical reach of the solution and delivers fleet and fuel payment solutions to banks and fleet card issuers throughout the region.
Mastercard’s platform is integrated with the Europay, Mastercard and Visa (EMV) standard, which the company says has reduced the incidents of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses.
The payment method is based on a technical standard for smart payment cards, and payment terminals and automated teller machines that can accept them.
According to Mastercard, this partnership aims to speed up the transition to the secure EMV standard.
"By combining Mastercard's payment technology with Payment24's fuel payments platform, we deliver a solution for the region that enhances security and adds value and convenience for customers,” says Clyde Rosanowski, senior VP of commercial solutions, EEMEA, at Mastercard.
While drivers benefit from a quick, secure and seamless way to make payments, fleet operators can now monitor driver spending in real-time, set expense limits and minimise the need for cash.
Through the partnership, customers will be able to take advantage of Payment24’s fleet management solution to help them deploy and scale their own secure fleet and fuel payment offerings.
The suite of EMV-based payment products extends to tokenised tags, e-wallets and vouchers that are native to the Payment24 platform.
“The expansion of this alliance to EEMEA highlights the urgent need to get ahead of fraud in the fleet and fuel payments industry,” says Shadab Rahil, joint-CEO of Payment24.
“We believe our combined offering will help customers in the banking industry to better mitigate risks associated with legacy technologies, while enhancing transparency and flexibility.”
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