Home Business Payment24 Introduces ‘Vehicle Biometrics’ to Fast Track Refuelling – Proshare Nigeria Limited

Payment24 Introduces ‘Vehicle Biometrics’ to Fast Track Refuelling – Proshare Nigeria Limited

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Thursday, June 17 2021  / 03:52
PM / by Payment24/ Header Image Credit: Facebook; Payment24


‘Pay by car’, not by card – the latest
innovation from Payment24

Fuel management and payment solutions specialists
Payment24 have launched a new module in their comprehensive solutions suite,
bringing contactless, cardless and secure fuel payments to market.

Payment24’s latest innovation, FastLane, is
described as ‘biometrics for the vehicle’ which instantly identifies any
vehicle enrolled in the system as it drives into the forecourt, and then
authorises refuelling and automates payment. The solution is designed to allow
petroleum companies and organisations operating their own fuelling homebases to
improve service and efficiency, and reduce the risk of fraud.

The FastLane system uses cameras and artificial
intelligence to detect a vehicle’s registration number, make, model, colour and
type as it drives into the refuelling station. This data is sent to the
Payment24 cloud, and if the vehicle is registered in the system, refuelling
could be pre-authorised or a push notification can be sent to the FastLane
companion app for driver verification and authorisation. The pump will release
the fuel allocation and payment will be deducted automatically, with a receipt
sent via the app. As a B2C solution, the registered driver will authorise
refuelling and payment, but the system also enables fuel allocations and
payment to be controlled by fleet owners and industrial fuelling station owners
to speed up processes and reduce the risk of theft and fraud.

Payment24 CEOs Shadab Rahil and Nolan Daniel report
that FastLane adds yet another layer of security to Payment24’s portfolio of
over 20 fuel and fleet management solutions. It offers service station owners,
fleet managers and even individual consumers greater efficiency and a better
refuelling experience, with the added advantage that drivers and petrol
attendants do not have to touch cards or keypads in order to make payments
during the Covid-19 pandemic.

Says Daniel: “We are advancing to a stage in which
the vehicle becomes the payment mechanism, taking away the time and effort that
was traditionally needed to refuel a vehicle. Using advanced algorithms and
artificial intelligence, we have made ‘paying by car’ a lot faster and more
secure than using something like a fleet card. It’s the gateway to a world of
cashless transactions, real-time visibility, and satisfied customers. Payment24
FastLane is a way to distinguish yourself, giving customers peace of mind and
building loyalty with them.”

Built for conditions across Africa, the smart
FastLane solution is very light on energy requirements and can run offline.
Rahil notes: “You don’t need constant connectivity to approve transactions,
which is perfect for mines with limited connectivity, and in rural fuel
stations across Africa.”

Rahil says FastLane offers a number of benefits: “For fuel stations, the benefits include more sophisticated, faster service and
a better customer experience. By fast tracking authorisation and payment, they
can move vehicles off the forecourt much faster and accommodate more customers.
Our smart technology also supports analysis – fuel station management can use
the data for assessing factors like traffic patterns, dwell time, repeat visits
and customer behaviour to help improve logistics and operations.”

Curbing fuel fraud across Africa

Payment24’s mobile and cloud based strategy and
hardware agnostic approach is allowing the company to address key challenges
facing petroleum companies and fleet managers in regions with limited
infrastructure and countries with developing economies.

Payment24 operates in seven countries in Africa,
with a strong partner network Ghana, Namibia, Botswana, Nigeria, and UAE,
as well a footprint in Europe and the U.S. The company’s range of
technologies are helping petroleum companies and fleet owners to effectively
manage fleets and fuel, and curb rampant fuel theft and fraud, which have
become a major challenge as fuel theft becomes more lucrative.

The rising cost of fuel has seen fuel fraud
overtake vehicle maintenance as the main reason why fleet managers are using technology
to monitor their vehicles and fuel consumption, says Rahil .”From a fleet
manager perspective, one of the main challenges – if not the main challenge –
is to prevent fraud when it comes to fuel payments,” he says. “If you consider
the fact that large vehicles can take up to 1,000 litres of diesel at a time,
poorly managed refuelling could cost businesses a significant amount of money,
so advanced fraud prevention solutions are crucial,” Rahil says.

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