In a bid to bolster online payment security for the regional road freight industry, US credit facility provider Mastercard and cyber-platform outfit enterprise Payment24 have announced that they are extending their engagement across Eastern Europe, the Middle East and Africa (EEMEA).
The adoption of Europay, Mastercard and Visa (EMV) in over 80 markets worldwide has dramatically reduced the incidence of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses, a spokesperson said.
This partnership not only drives innovation in the fleet and fuel payments sector, but also aims to speed up the transition to the secure EMV standard and help fleet operators reduce the risk of fraud associated with magnetic strip fleet cards.
Clyde Rosanowski, senior vice president, Business Development for Commercial Solutions for Mastercards EEMEA region 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.
Payment24 CEO, Nolan Daniel, said: 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.
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