In this year’s Mobile World Congress, MasterCard has formally announced that they are teaming up with Syniverse to add new feature to MasterPass which is aimed at making credit card transaction more secured for mobile users, particularly for users who often travels abroad.
MasterPass is primarily being marketed as a “Free Digital Wallet Service” which is similar to how Google Wallet works. However, to further minimize fraudulent transactions, MasterCard is currently testing out an “opt-in” service which goes hand-in-hand with the mobile app.
In a nutshell, the new feature of the MasterPass creates a new layer of security to credit card transactions wherein the user’s mobile device and their card should be in within a certain proximity (specific geo-location abroad) or else the transaction will be declined.
Furthermore, the mobile app also limits the instances of declined overseas transactions due to authorization issues with the bank which issued the card.
“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.”
– Hany Fam, President Global Strategic Alliances, MasterCard
According to MasterCard, the new security feature of MasterPass is currently in pilot-phase, but they didn’t state the exact date of when this service will be fully incorporated to the mobile app. Nevertheless, we’re sure that a lot of MasterCard will definitely appreciate this new service.
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