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Authenticate Card Transactions By Mobile While Traveling

Feb 25 2014, 12:41pm CST | by , in News | Shopping Tips

Authenticate Card Transactions By Mobile While Traveling
 
 

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Authenticate Card Transactions By Mobile While Traveling

MasterCard has announced the pilot of a new service to link mobile phones to card use for customers who are traveling.

At Mobile World Congress in Barcelona, MasterCard and Syniverse said they are currently in pilot-phase for an opt-in service that will enable card transactions for users only when they have their mobile device switched on in a specific geolocation abroad.

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.

The new service should be welcomed by travelers who have had their cards frozen while traveling, or returned home to find a not-so-helpful letter saying their card was being used abroad and would be canceled if the cardholder didn’t make an immediate call to her bank or card company.

“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,” said Hany Fam, president of global strategic alliances at MasterCard. “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.”

The alliance will also offer mobile users a choice of prepaid 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 percent of people switch their mobile data function off when they arrive, probably to avoid roaming charges, according to the companies.

Mobile network operators could use the collaboration between MasterCard and Syniverse to make targeted offers based on a mobile phone’s location.

Source: Forbes

 

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<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
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