Cape Town-based fuel management platform Payment24 has launched a new biometric payment solution to complement their existing suite of over 20 secure, contactless payment tools.
Cashless transactions, real-time visibility and satisfied customers
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The company, founded in 2014 by joint-CEOs Nolan Daniel and Shadab Rahil, announced the ‘pay-by-car’ solution, called FastLane, in a statement last month.
FastLane – the ‘pay-by-car’ biometric solution
FastLane uses AI and cameras to identify the vehicle make, registration number, colour and type and inputs this data into the Payment24 cloud. If the driver is already registered, the system can automatically pre-authorise payment or a push notification can be sent through the FastLane app, allowing drivers to register and pre-authorise payment from their smartphones.
“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,” said Daniel in a statement.
The FastLane solution also offers fleet operators and industrial fuel operators more control over expenditure by allowing pre-authorisation for fuel allocations. Once the driver fills the tank with the allocated amount of fuel, the system sends a receipt to the app, creating transparency for business owners and a safe, secure, contactless environment for their drivers.
Rahil spoke to Ventureburn about the company’s growth so far and what this new tool means for business owners in the African transport sector.
“Both of us (Payment24 founders) have a strong background in payment systems and software development, along with years of expertise of working in the fuel industry. We decided to develop the platform from scratch and within 12 months had a minimal viable product (MVP) with our first customer in 2015. Now Payment24 is one of the leading fuel payment platforms in the industry, offering many industry-first solutions,” he said.
“We are helping reduce fraud during fuel payment processing which can cost a typical transport business around 15% of their fuel bill. Transport-related businesses can spend up to 30% of their revenue on fuel. Payment24 is assisting large and small businesses in decreasing fraud,” said Rahil in closing.
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Featured image: Payment24 joint-CEOs Nolan Daniel and Shadab Rahil
