Mastercard and Payment24 target the fleet sector in the EEMEA region

Drivers will benefit from a quick and safe way to pay for fuel.

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Mastercard and fuel payments fintech Payment24 are expanding their collaboration in Eastern Europe, the Middle East and Africa (EEMEA) to help increase security and drive innovation in the fleet and fuel payments industry.

Since 2020, the Payment24 platform has been using Mastercard payment technology, enabling drivers to quickly and seamlessly make fuel payments wherever Mastercard is accepted, without the need for additional approvals at the pump.

The partnership enables commercial fleet management companies to have greater control and visibility of driver spending, with the option to add purchasing controls to eliminate fraud.

Cape Town-based Payment24 is a technology development company that helps companies with large fleets manage customers, operations and costs through an integrated online system via the Payment24 portal.

This expanded partnership expands the solution’s geographic reach and delivers fleet and fuel payment solutions to banks and fleet card issuers across the region.

Mastercard’s platform is integrated with the Europay, Mastercard and Visa (EMV) standard, which the company says has reduced counterfeit card fraud cases involving magnetic stripe cards, saving hundreds of millions in potential losses.

The payment method is based on the technical standard of smart payment cards and the payment terminals and ATMs that can accept them.

According to Mastercard, this partnership aims to accelerate the transition to a secure EMV standard.

“By combining Mastercard’s payment technology with the Payment24 fuel payments platform, we are providing the region with a solution that increases security and adds value and convenience to customers,” says Clyde Rosanowski, senior vice president of commercial solutions for EEMEA at Mastercard.

While drivers benefit from a fast, secure and hassle-free way to pay, fleet operators can now monitor driver spending in real time, set spending limits and minimize the need for cash.

Thanks to the partnership, customers will be able to benefit from the Payment24 fleet management solution, which will help them implement and scale their own secure fleet and fuel payment offers.

The suite of EMV-based payment products includes tokenized tags, e-wallets and coupons that are native to the Payment24 platform.

“The expansion of this alliance to the EEMEA region highlights the urgent need to prevent fraud in the fleet and fuel payments industry,” says Shadab Rahil, co-CEO of Payment24.

“We believe our combined offering will help banking industry clients better mitigate risks associated with legacy technologies while increasing transparency and agility.”