Mastercard and Payment24 Drive Innovation in Fleet and Fuel Payments.

29 May 2024

Mastercard and Payment24 have joined forces to enhance security and drive innovation in the payments sector across Eastern Europe, the Middle East, and Africa, specifically targeting the fleet and fuel industry.

The companies highlighted the success of the Europay, Mastercard, and Visa (EMV) standards in significantly reducing counterfeit card fraud linked to magnetic strip cards, which has saved hundreds of millions in potential losses across over 80 countries. This partnership aims to accelerate the adoption of the secure EMV standard in the fleet and fuel payments sector, helping fleet operators mitigate fraud risks associated with magnetic strip cards.

"By merging Mastercard’s advanced payment technology with Payment24’s cutting-edge fuel payments platform, we offer a solution that enhances security and provides substantial value and convenience for customers in the region," stated Clyde Rosanowski, Senior Vice President of Commercial Solutions, EEMEA at Mastercard.


The collaboration will also expand the reach of their solution, delivering modern fleet and fuel payment options to banks and fleet card issuers across the region. Drivers will benefit from quick, secure, and seamless payment methods, while fleet operators gain tools to monitor driver spending in real-time, set expense limits, and reduce the reliance on cash.


"Our expertise in fuel and fleet technologies extends beyond secure EMV cards. We provide mobile payments, windshield tags for vehicle identification, and real-time tracking of vehicles and fuel via telematics, all integrated within a comprehensive vehicle and fleet management platform. This enables customers to monitor fuel expenses and consumption actively, and detect and prevent potential fraud," added Nolan Daniel, Joint CEO at Payment24.






Play audio


Share:

Comments

No comments

Add your comment

Search Blog

Recent Posts

Congolese Startup Noki Noki Raises $3 Million for Market Expansion. Noki Noki, a startup from the Democratic Republic...
Lagos Strengthens Cybersecurity with New Advisory Council. The Lagos State Government has inaugurated a Cyber...
Spotify Unveils 'Supremium' Tier with High-Fidelity Audio and Enhanced Features. Spotify will introduce a new premium add-on tier,...
Nigeria Seeks World Bank Support for Massive Fiber Optic Expansion. The Federal Government of Nigeria, in a strong and...

Related Post

Governor Sanwo Olu Donates 1 Billion Naira Seed Fund to LASRIC to support Startups.
The Lagos State Science, Research & Innovation Council (LASRIC) was official...
Spotify Unveils 'Supremium' Tier with High-Fidelity Audio and Enhanced Features.
Spotify will introduce a new premium add-on tier, enhancing its services with hi...
Nigeria Seeks World Bank Support for Massive Fiber Optic Expansion.
The Federal Government of Nigeria, in a strong and collaborative effort with the...
Logo

Accelerating the growth of Africa's tech ecosystem