Trucking and logistics is a fast-paced industry. Staying ahead of the curve and looking for every advantage is how successful companies stay on top. As technology finds ways to improve daily operations, businesses are faced with the choice of either learning and adopting new methods or being left behind.
That’s why Eurowag created EW Pay to provide a modern mobile payment solution that’s convenient and easy-to-use. The Eurowag mobile app with EW Pay streamlines and speeds up the refueling process by enabling mobile payments for fuel purchases. Drivers can get back on the road faster, without having to worry about carrying a plastic card around or remembering a PIN.
Still have questions about how it works? This article will explain why EW Pay is not only a faster and easier way to refuel, but also a safer one. Read more to learn about digital payments and the tokenization process behind them, and find out how the Eurowag mobile app and EW Pay can provide simplicity and security for all your fuel payments.
The term “digital payments” refers to the transfer of money electronically. Rather than rely on physical tender like cash or checks, transactions are completed through digital platforms like mobile apps. This type of payment has become increasingly prevalent in recent years, with the use of mobile banking, online shopping, contactless payments and digital wallets like Apple Pay or Google Pay.
Digital payments are easy and convenient, but also made safer by the use of tokenization. Tokenization is a security measure that uses a unique identifier to replace sensitive data. Financial information is not shared directly during transactions. Instead, a “token” is generated to act as a sort of surrogate for your sensitive data. The token holds no intrinsic value, even if intercepted.
A token is unalterable once it has been created and recorded on a blockchain, and its ownership history becomes immutable and transparent. This feature of tokenization creates another layer of fraud protection, making digital payments safer than even credit card transactions.
This advanced encryption method reduces the risk of fraud by further safeguarding your financial information from unauthorized access. It also removes the need to carry and keep track of physical currency, which can easily be lost or stolen.
Let’s look at an example of how tokenization is implemented with regard to EW Pay. In this example, a driver uses EW Pay to make a digital payment for fuel at one of our partner stations.
Instead of having to enter sensitive information like credit card or bank account numbers at the pump, the payment information is already stored within the EW Pay app when it is initially set up. Once the payment has been submitted through EW Pay, a unique token is created. This token is what will be transmitted and stored during the transaction.
The token, rather than any sensitive payment details, is transmitted to the fuel station’s payment processing system. This process occurs over a secure connection, which safeguards the token from interception or unauthorized access. Once the token is received by the fuel station’s payment processor, an authorization request is sent to the relevant financial institution associated with the token.
Once the token has been verified and approved, the financial institution uses the same token to send an authorization response to the fueling station’s payment processor, which then confirms successful authorization.
Finally, the EW Pay app receives the confirmation and completes the digital payment. The user receives a notification of the transaction (in-app receipt), and all necessary records are updated accordingly.
EW Pay has several advantages over traditional payment methods like cash, checks or even credit cards. Here are some of the key benefits EW Pay provides:
Faster - Drivers don’t need to waste time waiting in a queue or searching for an OPT to make fuel purchases.
More Convenient - Drivers don’t need to carry a plastic card or remember a pin number to make payments.
Safer - Physical cards or cash can be lost or stolen. EW Pay is always with you and always protected from unauthorized use.
More Secure - EW Pay prevents fraud by blocking purchases when the driver is further than 100m away from the pump.
In addition to the convenience of EW Pay for drivers, dispatchers will also enjoy the simplicity it provides. Forget about keeping track of and issuing multiple fuel payment cards for your entire fleet. With EW Pay, a virtualized version of your card is created instantly, and can be shared fleetwide.
Cards can even be issued to drivers through the app, regardless of distance, and are then available for immediate use. And in case of error, loss, or some other emergency circumstance which might occur, dispatchers are able to use EW Pay to remotely activate fuel pumps for their drivers.
With support available in-app 24/7 in your local language and a simple, easy-to-use modern UX design, is it any wonder that more trucking companies are relying on Eurowag and EW Pay as their preferred payment solution? Contact us today to find out how Eurowag can help take your business further.
