Published on 24 May 2024 on Zacks via Yahoo Finance
Mastercard Incorporated MA recently announced that it had collaborated with Payment24 to expand their involvement across the Eastern Europe, Middle East, and Africa (EEMEA) region, with the aim of enhancing security and reducing losses. It also intends to foster innovation within the fleet and fuel payment sector in the region.
The partnership with Payment24, a fuel payment fintech firm, serves to accelerate the adoption of the Europay, Mastercard and Visa (EMV) standard and assist fleet operators in mitigating the risks related to magnetic strip fleet cards. The widespread implementation of the EMV standard across more than 80 markets has significantly decreased instances of counterfeit card fraud, resulting in substantial savings. Visa Inc. V, one of the companies that created the standard, is also experiencing growth in the fleet and fuel payment space with its extensive network.