MasterCard has joined forces with Syniverse to pilot a service that taps the geolocation capabilities of mobile phones to determine whether payment cards are being used fraudulently overseas.
The opt-in service enables card transactions for users only when they have their mobile device switched on in a specific geolocation abroad. The technology is designed to prevent stolen and counterfeit cards being used overseas and to stop genuine transactions from being declined when customers are travelling, according to press release.
This service aims to reduce consumers’ frustrations associated with having their payment cards used without their knowledge or having their own transactions unnecessarily declined when trying to make purchases in another country. Financial institutions will also have an additional tool that will help them make more effective decisions when approving or declining a transaction on behalf of their customers.
MasterCard says that mobile users could also have a choice of pre-paid data packages that they can purchase directly from their phones when they arrive in their destination country. Approximately 75 million mobile phone users travel outside their home country each month, yet today 70% of people switch their data function off when they arrive.
In the future, the partners also plan to push geolocation-based targeted offers to firms, enabling them to ping customers with relevant information depending on where they are.
Hany Fam, President Global Strategic Alliances, MasterCard: “This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience. By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world.”
With nearly 2 billion MasterCard cards in circulation, MasterCard is processing 65,000 transactions every minute, while Syniverse currently reaches more than 5 billion mobile devices globally via 1,000 mobile service providers.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
