Introduction
South Africa’s Payment24, a global payments platform provider specializing in payment and loyalty solutions, has strengthened its partnership with Mastercard. This expanded collaboration aims to enhance security and drive innovation within the fleet and fuel payment industry across Eastern Europe, the Middle East, and Africa (EEMEA).
From Digital Fuel Management to Global Payments Platform
Payment24 initially started as a digital fuel management solutions and telematics platform. Over time, it has evolved into a global platform developer, offering payment and loyalty solutions across various industries, including financial services, oil, retail, convenience, transport, and logistics. The company now operates on five continents and in 18 countries.
Strategic Acquisition of Inergy 24
Late last year, Payment24 acquired Switzerland-headquartered Inergy 24 to accelerate its European expansion. This acquisition has further enabled Payment24 to deepen its partnership with Mastercard, focusing on driving innovation in the fleet and fuel payments sector and expediting the adoption of the secure EMV standard.
Reducing Fraud and Enhancing Security
The EMV standard, currently implemented in over 80 markets, has significantly reduced counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses. By transitioning to EMV, fleet operators can mitigate the risk of fraud linked to magnetic strip fleet cards.
Benefits for Fleet Operators and Drivers
The collaboration between Payment24 and Mastercard extends the geographical reach of a proven solution, delivering modern fleet and fuel payment solutions to banks and fleet card issuers throughout the EEMEA region. Drivers benefit from a quick, secure, and seamless way to make payments, while fleet operators can monitor driver spending in real-time, set expense limits, and reduce the reliance on cash.
Comprehensive Fleet Management Solutions
Customers can take advantage of an end-to-end fleet management solution, enabling rapid deployment and scaling of secure fleet and fuel payment offerings. The solution includes a suite of EMV-based payment products and extends to various modern payment mechanisms, such as tokenized tags, e-wallets, and vouchers, all native to the Payment24 platform.
Commitment to Innovation and Security
“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,” said Shadab Rahil, Joint CEO of Payment24.
Enhanced Security and Value
“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,” added Clyde Rosanowski, Senior Vice President of Commercial Solutions for EEMEA at Mastercard.
