Mastercard and Payment24 are expanding their collaboration across Eastern Europe, the Middle East, and Africa- EEMEA to enhance security and foster innovation within the fleet and fuel payment industry throughout the region.
Minimise card fraud
The EMV standard Europay, MasterCard® and Visa® – Europay, now implemented in over 80 markets, has significantly decreased counterfeit card fraud associated with magnetic strip cards, resulting in potential savings of hundreds of millions.
This partnership not only promotes innovation in the fleet and fuel payments sector but also aims to accelerate the transition to the secure EMV standard and assist fleet operators in mitigating the risk of fraud linked to magnetic strip fleet cards.
Fleet and fuel payments solutions
This extended collaboration broadens the geographical reach of a proven solution, providing modern fleet and fuel payment solutions to banks and fleet card issuers across the region. While drivers enjoy a fast, secure, and seamless payment experience, fleet operators can monitor driver spending in real-time, establish expense limits, and reduce reliance on cash.
Senior Vice President for Commercial Solutions, EEMEA at Mastercard Clyde Rosanowski, says, “By combining Mastercard’s leading payment technology with Payment24’s innovative and proven fuel payments platform, we deliver a solution for the region that enhances security and adds significant value and convenience for customers.”
Thanks to the partnership, customers will have access to a comprehensive Fleet Management solution, enabling them to quickly deploy and expand their secure fleet and fuel payment services. The solution is tailored to provide a range of EMV-based payment products and encompasses various modern payment methods, such as tokenized tags, e-wallets, and vouchers, all integrated into the Payment24 platform.
Technology that is ahead of fraud
Payment24’s Shadab Rahil and Nolan-Daniel.
Joint CEO of Payment24, Shadab Rahil, says, “We are exceptionally proud of how our partnership with Mastercard has developed. The expansion of this alliance to EEMEA highlights the urgent need to get ahead of fraud in the fleet and fuel payments industry. We believe that our combined offering will help customers in the banking industry to better mitigate risks associated with legacy technologies while enhancing transparency and flexibility.”
Joint CEO for Payment24, Nolan Daniel, says, “Our deep understanding and tailor-made fuel and fleet technologies go beyond providing secure EMV cards. We deliver mobile payments, windshield tags for identification, and real-time tracking of vehicles and fuel via telematics, all integrated within a dedicated vehicle and fleet management platform. This allows customers to monitor fuel expenses and consumption and actively detect and prevent potential fraud.”
Customers throughout the region can now rest assured that every transaction is safeguarded by Mastercard’s multiple security layers, fraud prevention technologies, and dispute processes, supported by Payment24’s technical expertise and profound comprehension of fuel payment technologies.
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