Mastercard collaborates with industry partners; brings transparency in digital banking applications

By Pavithra R

Mastercard and Ethoca, the company’s collaborative fraud and dispute resolution technology has announced the launch of an initiative to eliminate the confusion in unrecognized transactions and improve the customer experience. 

With increased digital payments adoption and the associated growth of connected devices, consumers are demanding more transparency around what they bought and who they bought it from.

Almost every consumer have experienced the frustration of trying to decipher confusing and brief purchase descriptions when reviewing online statements. This confusion forces cardholders in unnecessarily contacting their banks to dispute unrecognized transactions, adding extra steps for consumers and generating an array of costs for merchants and banks.

Merchants can visit logo.ethoca.com and upload their logos for inclusion in online banking and payment apps. The merchant logos will be linked to corresponding transactions, adding clear visual cues to help cardholders identify legitimate purchases. Participating merchants will have the opportunity to extend their brand presence as well as eliminate expensive and time-consuming chargebacks. 

“With greater digital dependency, having real-time purchase details is critical for consumers, merchants and card issuers alike. We continue to collaborate with industry partners to bring clarity and simplicity before, during, and after transactions. By enriching transaction details, merchants can alleviate friendly fraud, reduce chargebacks and improve the customer experience,” said Johan Gerber, executive vice president, Cyber and Security Products at Mastercard.

A recent Ethoca-commissioned Aite Group study of the US market has revealed that 96% of consumers are looking for more details that help them easily recognize purchases, and nearly 25% of all transaction disputes could be avoided by delivering these details including logos. It’s estimated that global chargeback volume will reach 615M by 2021, fueled in large part by frustrated consumers turning to the dispute process unintentionally.

Recently, Mastercard & ACI Worldwide partnered to bolster global payment solutions.

This endeavour is part of comprehensive efforts to deliver an efficient, safe, and simple payment experience for consumers from the time they begin browsing to once they’ve made the purchase. The program is also available to all financial institutions. 

Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. The firm is also making Environmental, Social, and Governance (ESG) central to its business model.