Mastercard has partnered with Payment24, an international fuel payment fintech based in South Africa, to offer a payment solution that will help fleet management companies streamline payments, create efficiencies and prevent fraud.
Payment24’s innovative platform uses Mastercard’s payment technology, enabling drivers to quickly and seamlessly make fuel payments anywhere Mastercard is accepted, without requiring additional approvals at the pump.
Commercial fleet management companies will have more control and visibility into driver’s spend, with the option to add purchasing controls to eliminate fraud. For instance, a company could opt to enable the driver to pay digitally for border post charges or for accommodation and meals, removing the need for costly and unsafe cash advances.
The fuel solution is flexible and adaptable to customer needs, with various payment mechanisms available including fleet cards, tokenised tags, e-wallets and vouchers that can be allocated to a driver or a vehicle. Each transaction is protected by Mastercard’s multiple security layers, and fraud and dispute processes.
“The fleet management industry in South Africa is comprised of fleets of every size and description. While a variety of payment programmes have emerged over the last few years, most of these allow drivers to only pay only at selected fuel stations in the country. Through this collaboration with Payment24, we can solve these pain points and enable seamless and secure payments anywhere Mastercard is accepted, without authorisation delays or troublesome cash. This is especially critical in today’s current environment, where fleet operators are increasingly digitising their businesses to save costs, reduce fraud and improve the visibility of payments,” says Suzanne Morel, Country Manager at Mastercard, South Africa.
Payment24’s Joint CEO Shadab Rahil says the partnership with Mastercard gives the fintech an advantage in the fleet and fuel sectors.
“Fuel is a very specialized product and the risk of fraud in this space is quite high. Our partnership with Mastercard as a trusted payments technology leader that offers access to a wide network, helps to mitigate risks, while adding significant convenience, transparency and flexibility to our customers,” says Shadab Rahil, Joint CEO of Payment24.
Payment24’s industry knowledge and technology developed specifically for this sector extends beyond a secure EMV Chip and Pin cards. It also includes mobile payment, windshield tags, real time vehicle and fuel tracking with telematics, and a purpose-built vehicle and fleet management platform for customers to track fuel spend, consumption and potential fraud.