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Mastercard and Payment24 increase the use of EMV technology in the fleet sector in the EEMEA region

Posted on by darion

Mastercard and Payment24 increase the use of EMV technology in the fleet sector in the EEMEA region. Source: Shutterstock.com

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

The EMV standard, now implemented in more than 80 markets, has dramatically reduced counterfeit card fraud involving magnetic stripe cards, saving hundreds of millions in potential losses.

The goal of this partnership is to accelerate the transition to a secure EMV standard and help fleet operators reduce the risk of fraud associated with magnetic stripe fleet cards.

This expanded collaboration expands the geographic reach of the proven solution and delivers modern fleet and fuel payment solutions to banks and fleet card issuers across the region.

Fleet operators can now monitor driver spending in real time, set spending limits and minimize the need for cash

Clyde Rosanowski, Senior Vice President, Commercial Solutions, EEMEA, Mastercard, commented: “By combining Mastercard’s leading payment technology with Payment24’s innovative and proven fuel payment platform, we are delivering a solution for the region that enhances security and adds significant value and convenience to customers.”

Customers will be able to benefit from a comprehensive fleet management solution that will help them quickly implement and scale their own safe fleet and fuel payment offerings. The offering aims to provide a suite of EMV-based payment products and includes a range of modern payment mechanisms, including tokenized tags, e-wallets and coupons, which are native to the Payment24 platform.

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Shadab Rahil, joint CEO of Payment24, said: “We are extremely proud of how our partnership with Mastercard has developed. The expansion of this alliance to the EEMEA region highlights the urgent need to prevent fraud in the fleet and fuel payments industry. We believe our combined offering will help banking industry clients better mitigate risks associated with legacy technologies while increasing transparency and agility.