With fraud surging and PASA’s 2026 deadline fast approaching, South Africa’s fleet sector is finally modernising
With just nine months to go until the March 2026 deadline set by the Payments Association of South Africa (PASA) for the industry-wide replacement of magstripe fleet cards, Payment24 in close partnership with its partners, is already fully prepared.
With traditional magnetic stripe fleet cards increasingly targeted by fraud syndicates, the industry faces an urgent need to modernise. Fraud losses in the fleet sector topped R40 million in a single year, with some operators seeing fuel spend leakage as high as 12%. Between 2020 and 2024 alone, counterfeit-related fraud in the industry rose by a staggering 400%.
“The industry has known the shift away from magstripe was coming, but few were prepared. We made it our priority to invest early, build smart, and partner strategically,” says Shadab Rahil, CEO at Payment24. “Our goal was never just to be compliant, it was to give our customers a future-ready platform that makes their lives easier, more secure, and more connected. And that’s exactly what this partnership delivers.”
To this end, Payment24 and its partner Standard Bank have led the sector in delivering the next generation of secure, scalable, and cross-border-ready fleet payment infrastructure.
“Fleet cards were the last man standing in the payments space,” says Justin Thomas, Managing Executive: Head Fleet Management and Card at Standard Bank Group. “Credit and debit cards moved to EMV more than 15 years ago. Criminals have been targeting magstripe fleet cards ever since and the numbers speak for themselves. That’s why we’ve taken a leadership position in migrating the industry forward.”
As the rest of the market rushes to meet compliance, Payment24 is working with its partners, like Standard Bank, to ensure they are ahead of the curve in what marks one of the most significant overhauls in South African payments history.
Notably, Standard Bank, in partnership with Payment24 and Visa, was the first bank on the continent to launch Visa Fleet 2.0, a fully EMV-enabled chip-and-PIN fleet card. The bank is also the only issuer in South Africa capable of capturing odometer readings and transaction data across point-of-sale, mobile, and USSD channels, ensuring continuity even at legacy forecourts.
In parallel, Payment24’s RFID windshield tag has become the de facto closed-loop standard in the industry, now accepted by four of South Africa’s six major oil companies. The tag gives fleet operators deeper control at the vehicle level, enhanced security through PIN-authenticated RFID transactions, and the ability to capture vehicle and driver data in real time.
“The market no longer has to choose between reach and control,” explains Rahil. “Open-loop EMV cards give you convenience, interoperability and toll access. RFID tags offer richer vehicle-level insights and enable better discounts on fuel. That’s why our platform supports both in one ecosystem.”
PASA’s EMV mandate has accelerated alignment across banks, oil companies and fleet operators. But for Payment24, the shift is about more than compliance, it’s about preparing African fleet businesses for a digital future.
“Fleet operators want more than secure transactions,” adds Rahil. “They want smarter insights, seamless cross-border payments, and better operational visibility. We’ve built a platform that supports EMV, RFID, depot refuelling, and even virtual fleet cards all from a single interface.”
With chip-and-tag solutions now live across thousands of vehicles and billions in transaction value, the two companies are helping to set a new standard, not just in South Africa, but across the continent.
“We believe Africa’s fleet payment infrastructure can be world-leading,” says Thomas. “This is our GSM moment. Just like we leapfrogged into mobile banking, we now have the chance to start fresh with secure, scalable systems that enable growth across borders.”
As March 2026 draws near, one thing is clear: the countdown has begun. And for those still relying on magstripe, the clock is ticking.
About Payment24
Payment24 is a global platform developer specialising in payment and loyalty solutions for the financial, oil, retail, convenience, transport, and logistics industries. With a presence spanning five continents and 17 countries, the company supports clients worldwide. Its open, AI-driven, highly integrative, white-label solution is purpose-built to support client platform requirements. Payment24’s portfolio extends to loyalty solutions, innovative mobile payment technologies, and secure cloud-based payment acquiring solutions. Today, Payment24 boasts one of the most extensive private refuelling and fuel loyalty networks in Africa, with billions of litres of fuel transacted through its platform annually. Visit: www.payments24.com
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