Visa Launches Mobile Location Service to Improve Card Payment Experience When Traveling
12 Febrero 2015 - 7:00AM
Business Wire
New Mobile Location Confirmation service
uses real-time, geo-location technology to prevent unnecessary
purchase declines by as much as 30%1
Visa Inc., the global leader in payments, is introducing a new
mobile service designed to reduce unnecessary purchase declines
often triggered when consumers travel outside of their home area.
Visa Mobile Location Confirmation uses mobile geo-location
information to more reliably predict whether it is the account
holder or an unauthorized user making a payment with a Visa
account.
“Wherever you are in the world, we want Visa transactions to be
the most secure, convenient and seamless payment choice,” said Mark
Nelsen, senior vice president of risk products and business
intelligence, Visa Inc. “By matching the location of the cardholder
through a cell phone or other mobile device, to the location of the
purchase, Visa’s new service will enable banks to feel more
confident about authorizing a transaction that might otherwise have
been declined due to suspicion of fraud.”
While infrequent, unnecessary transaction declines can mean lost
sales for retailers, additional customer service costs for
financial institutions and, ultimately, frustration for the
cardholder if unable to make a purchase when traveling. According
to Visa estimates, issuing financial institutions spend hundreds of
millions of dollars annually to manage customer service calls
related to pre-travel requests and to research declined
transactions.
By providing financial institutions greater intelligence when
approving transactions, Visa expects to reduce such declines by as
much as 30 percent, impacting millions of transactions annually and
improving the experience for cardholders, merchants and financial
institutions.
How it works
Mobile Location Confirmation is an optional service for
consumers that will be offered through participating financial
institutions’ mobile banking applications. The service uses mobile
geo-location data in real time as an additional input into Visa’s
predictive fraud analytics. Finsphere Corporation, a leader in the
use of mobile data and geo-spatial analysis, provides Visa an
analysis of the account holder’s device location data, which is
then matched with the transaction location in less than a
millisecond, right at the point of sale. When a cardholder’s mobile
device is in the same location as the payment transaction, the
issuing financial institution can more confidently approve the
transaction.
How consumers enroll
To enroll in the service, cardholders download their
card-issuing financial institution’s mobile banking app and agree
to the use of their mobile location information for fraud
prevention purposes. Consumers receive the benefit of the service
when traveling by ensuring their phone is periodically connected to
a mobile or Wi-fi network, and can deactivate the service at any
time.
Available to U.S. card-issuing financial institutions in April
2015, Mobile Location Confirmation is another innovation from Visa
designed to provide issuing financial institutions with more
information to help protect against fraud while facilitating a
better payment experience for consumers.
“Through Visa’s Mobile Location Confirmation service, we’re
enabling more precise fraud monitoring, which creates a better
payment experience for travelers, assists merchants and reduces
unnecessary operational costs for financial institutions,” added
Nelsen.
To help increase approval rates for legitimate transactions and
reduce consumer frustration while traveling, Visa began offering
other travel services last year:
- Visa Travel Authorization Tag allows
issuers to identify when a cardholder is traveling based on
airline, rail, cruise or hotel purchases made with their Visa
account. By using this information as an indication of cardholder
travel plans, Visa is able to provide issuing financial
institutions important insights that could protect the cardholder
from fraud even if he/she did not call to provide travel
information before a trip.
- Travel Notification Service allows
cardholders to contact their issuing financial institution online
rather than by phone, making it more convenient to notify their
financial institutions with travel information. Travel information
is then automatically integrated into Visa’s risk scoring engine to
better identify potential fraud and approve legitimate
purchases.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that
connects consumers, businesses, financial institutions and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world's most advanced processing networks — VisaNet — that is
capable of handling more than 56,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa's innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead of time with
prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
1 Estimates will vary based on issuer adoption of the service,
cardholder adoption and approval decision
Visa Inc.Sandra Chu, +1 415-805-4124sanchu@visa.comConnie Kim,
+1 212-521-3962cokim@visa.com
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