Mastercard has expanded its partnership with Payment24 across Eastern Europe, the Middle East, and Africa (EEMEA) to enhance security and drive innovation in the fleet and fuel payment industry.
Following the extension, the pair will provide a comprehensive Fleet Management solution, featuring real-time tracking, mobile payments and secure EMV cards. The goal is to significantly reduce the risk of fraud for customers in the region.
Nolan Daniel, Joint CEO at Payment24, stated: “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.”
This collaboration aims to capitalise on the widespread adoption of the EMV standard in over 80 markets, which has already led to a considerable decline in counterfeit card fraud associated with magnetic strip cards.
Clyde Rosanowski, SVP of Commercial Solutions, EEMEA at Mastercard, said: “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.”
By extending the reach of their solution, Mastercard and Payment24 seek to accelerate the transition to the secure EMV standard and empower fleet operators to mitigate the risks associated with legacy technologies.
Shadab Rahil, Joint CEO of Payment24, commented: “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.”
Alongside this partnership to fight against fraud, earlier this week Mastercard announced that it was further stepping up its use of Artificial Intelligence (AI) to counter fraud earlier this week. The payment giant said that it would leverage the technology to scan transaction data across cards and merchants.
