Payment24 partners with Mastercard to offer secure payment processes for fleet operators

By Pavithra R

Mastercard has announced a new partnership with Payment24, South Africa based international fuel payment FinTech, to offer a payment solution that will help fleet management companies streamline payments, create efficiencies and prevent fraud.

Under the partnership, Payment24’s platform will use Mastercard’s payment technology to empower drivers to quickly and seamlessly make fuel payments anywhere Mastercard is accepted, without requiring additional approvals at the pump. 

The partnership will help commercial fleet management companies to have more control and visibility into driver’s spend, with the option to add purchasing controls to eliminate fraud. 

“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 authorization delays or troublesome cash. This is especially critical in today’s current environment, where fleet operators are increasingly digitizing their businesses to save costs, reduce fraud and improve the visibility of payments,” said Suzanne Morel, Country Manager at Mastercard, South Africa.

The fuel solution is flexible and adaptable to customer needs, with various payment mechanisms available including fleet cards, tokenized 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.

“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,” Shadab Rahil, Joint CEO of Payment24.

Payment24 is an International Fuel Payment Solutions Provider based in Cape Town with global reach. The firm develops inspired, innovative technology that enables more efficient Fleet Fuel Management, reduces fuel fraud and offers hi-tech payment options.