South Africa’s Payment24, a global payments platform provider specialising in payment and loyalty solutions, has deepened its partnership with Mastercard, extending their engagement across Eastern Europe, Middle East and Africa (EEMEA) to help bolster security and drive innovation within the fleet and fuel payment industry.
Payment24 began life as a digital fuel management solutions and telematics platform, but has expanded to become a global platform developer specialising in payment and loyalty solutions for the financial, oil, retail, convenience, transport, and logistics industries. It has a presence on five continents and in 18 countries.
Late last year the company acquired Switzerland-headquartered Inergy 24 to accelerate its expansion in Europe, and it has now deepened its partnership with Mastercard to drive innovation in the fleet and fuel payments sector, and also speed up the transition to the secure EMV standard.
The EMV standard, now being implemented in over 80 markets, has dramatically reduced the incidence of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses. It helps fleet operators reduce the risk of fraud associated with magnetic strip fleet cards.
The expanded collaboration extends the geographical reach of a proven solution and delivers modern fleet and fuel payment solutions to banks and fleet card issuers throughout the region. 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 minimize the need for cash.
Customers will be able to take advantage of an end-to-end fleet management solution to help them rapidly deploy and scale their own secure fleet and fuel payment offerings. The offering is designed to deliver a suite of EMV-based payment products and extends to a host of modern payment mechanisms, including tokenized tags, e-wallets and vouchers that are all native to the Payment24 platform.
“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,” said Shadab Rahil, Joint CEO of Payment24.
“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,” said Clyde Rosanowski, senior vice president of commercial solutions for EEMEA at Mastercard.
