In a strategic collaboration, Vodafone, Sumitomo Corporation’s Economy of Things business, and Mastercard have announced a new service that will allow machines to trade and make payments on behalf of fleet, freight, shipping, and logistics operators.
The service is designed to simplify operations by enabling direct, authorized payments through connected devices.
The new system links Vodafone’s Pairpoint platform with Mastercard Gateway, allowing vehicles to make payments at charging stations and freight companies to cover pre-approved costs along shipping routes, including port charges, storage, and handling fees. This collaboration aims to streamline logistics, enhance efficiency, and reduce human intervention in routine transactions.
Pairpoint CEO, Jorge Bento, highlighted the significance of this advancement: “Contactless payments through smartphones are already common. The next step is to allow devices and vehicles to settle bills directly on behalf of users. This partnership with Vodafone, Sumitomo, and Mastercard makes this possible, opening new opportunities for businesses while advancing IoT and blockchain integration.”
Pairpoint-enabled devices will be equipped with digital identities stored in their SIM cards, allowing seamless interaction and transactions with other connected devices. This technology builds on the Internet of Things (IoT) ecosystem, which allows devices to autonomously transmit and receive data. For instance, a shipping container could automatically report its weight and capacity.
The service, scalable globally, will support major card networks and will first be rolled out in the UK later this year, followed by expansion across Europe.
Maria Parpou, Executive Vice President of Mastercard Gateway, added: “The rise of digital payments has opened new possibilities for commerce across all devices. We are excited to partner with Vodafone and Sumitomo to help businesses unlock the potential of Economy of Things technologies.”
The collaboration will leverage Vodafone’s vast global IoT network, Sumitomo’s extensive industrial reach, and Mastercard’s payment solutions, with the goal of enhancing digital trade for companies worldwide.
Benefits Across Sectors
The new service is expected to benefit various sectors, including logistics, freight, and fleet management:
Freight and Shipping: Companies can automate payments to ports, warehouses, and transport services, minimizing delays caused by paperwork and manual approvals. Payments can be triggered automatically once contractual agreements are met, ensuring proper storage and safe transport of goods.
ALSO READ: GHANA CHAMPIONS DIGITAL EQUITY FOR PROSPEROUS FUTURE AT WTSA-24
Fleet Management and EV Charging: Vehicles using the Pairpoint platform will have unique digital IDs embedded in their SIM cards, enabling them to make automatic payments for parking, tolls, congestion charges, and EV charging. This will streamline fleet operations and reduce administrative burdens for companies.
The collaboration between Vodafone, Sumitomo, and Mastercard is expected to drive significant growth in the Economy of Things, enabling businesses to trade physical products and services in a more efficient and automated way.
