MasterCard has launched a new service to increase the transparency of users’ online purchases, a press release said.
The service of the payment company, provided via Ethocaprovide customers with more details about their purchases, such as merchant name, logo, and location of purchase.
Traders were invited to download their logos and increase their brand visibility, as well as eliminate purchase confusion that previously led to unnecessary chargebacks.
Additionally, the statement said Mastercard is also working with issuers to help create a new industry standard, where better visibility and detail will be more entrenched in digital banking channels over the next year.
The release also cites a recent Mastercard survey in which many users said they had trouble identifying some of their recent transactions and, believing they had been scammed, filed chargebacks even though the purchases were actually theirs. .
Some of the issues that arise when trying to browse transactions include unrecognizable merchant names, or if the payment processor name is displayed rather than the merchant name.
The survey found that 77% of users sometimes couldn’t identify purchases made on their own account for these or other reasons.
Companies will be able to upload their logos by visiting Ethoca’s website and completing the associated form, the statement said.
Brian MorrisVice President of CEE Product Development at Mastercard Europe, said the company believes that “greater transaction transparency significantly improves the user experience of digital banking channels and gives consumers peace of mind and the feeling of controlling their expenses”.
“From an issuer’s perspective, this increases cardholder interactions with the bank’s digital channels, and merchants will benefit from better brand visibility,” he added. “In addition, banks and merchants would benefit from a lower volume of consumer calls and complaints.”
Chargebacks have become a sticking point in the digital age, PYMNTS reports, and with the pandemic going digital, the number of chargebacks and confusion is likely to be higher at the moment.