South Africa’s Payment24, known for its payment and loyalty solutions, has expanded its partnership with Mastercard. This extended collaboration now includes Eastern Europe, the Middle East, and Africa (EEMEA) and aims to enhance security and drive innovation in fleet and fuel payments.
Payment24 started as a digital fuel management and telematics platform but has grown into a global payments provider, offering solutions for the financial, oil, retail, transport, and logistics sectors. It operates on five continents and in 18 countries.
Last year, Payment24 acquired Inergy 24, a Swiss company, to boost its European presence. Now, the company has strengthened its ties with Mastercard to innovate in fleet and fuel payments and expedite the shift to the secure EMV standard.
The EMV standard, used in over 80 markets, has significantly cut down counterfeit card fraud from magnetic strip cards, saving millions. It helps fleet operators reduce fraud risks associated with magnetic strip fleet cards.
This expanded partnership extends a tested solution’s reach, providing modern fleet and fuel payment solutions to banks and fleet card issuers in the region. Drivers benefit from fast, secure payments, while fleet operators can monitor spending in real-time, set limits, and reduce cash use.
Customers can access a complete fleet management solution to quickly deploy and scale secure fleet and fuel payments. This offering includes EMV-based payment products and supports tokenized tags, e-wallets, and vouchers on the Payment24 platform.
Shadab Rahil, Joint CEO of Payment24, expressed pride in the partnership’s growth, emphasising the need to combat fraud in the fleet and fuel payments sector. Clyde Rosanowski, Mastercard’s senior vice president for EEMEA, highlighted the combined benefits of enhanced security and added value for customers through this collaboration.
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