MasterCard and Payment24 have announced the expansion of their partnership across Eastern Europe, the Middle East, and Africa to enhance security and drive innovation in the fleet and fuel payment industry.
The collaboration aims to implement the EMV (Europay, Mastercard, and Visa) standard, a globally recognised payment card specification, to reduce fraud and increase efficiency in the region’s fleet and fuel payment sectors.
The payment giant said in a statement that the EMV standard has already been successfully implemented in over 80 markets worldwide, significantly reducing counterfeit card fraud and saving hundreds of millions of dollars in potential losses.
EMV technology uses a microprocessor chip embedded in the card to store and process data, making it more secure than traditional magnetic stripe cards.
The Senior Vice President of Commercial Solutions, EEMEA at MasterCard, Clyde Rosanowski, 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.”
Through this partnership, MasterCard and Payment24 will work together to promote secure and innovative payment solutions, supporting the growth and development of the fleet and fuel payment industry across EMEA.
According to Mastercard, the collaboration extends the geographical reach of a proven solution and delivers modern fleet and fuel payment solutions to banks and fleet card issuers throughout the region.
While drivers benefit from a quick, secure, and seamless way to make payments, fleet operators can now monitor driver spending in real time, set expense limits, and minimize the need for cash.
The joint CEO of Payment24, Shadab Rahil, stated that 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 better mitigate risks associated with legacy technologies while enhancing transparency and flexibility,” Rahil stated.
Customers across the region can now rest assured that each transaction is protected by Mastercard’s multiple security layers, fraud prevention technologies, dispute processes and Payment24’s technical knowledge and in-depth understanding of fuel payment technologies.
