• Wednesday, June 19, 2024
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Mastercard, Payment24 to secure payment options for fuel industry

Mastercard, Payment24 to secure payment options for fuel industry

Mastercard and Payment24 have collaborated to extend their engagement across Eastern Europe, Middle East, and Africa to bolster security and drive innovation within the payments in the fleet and fuel industry of the region.

The firms said that the Europay, Mastercard, and Visa (EMV) have reduced the incidence of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses in over 80 countries.

According to a statement, this partnership will drive innovation in the fleet and fuel payments sector and aims to speed up the transition to the secure EMV standard and help fleet operators reduce the risk of fraud associated with magnetic strip fleet cards.

Read also: Access Bank, Mastercard move to enhance cross-border transactions

“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, EEMEA at Mastercard.

The collaboration will also extend the geographical reach of the solution and deliver 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 minimise the need for cash.

“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,” added Nolan Daniel, Joint chief executive officer at Payment24.