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.
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