MasterCard and mobile tech company Syniverse have announced their new mobile payments partnership at this week’s Mobile World Congress (News - Alert) in Spain, which is aimed at protecting mobile users when travelling abroad.
Using geo-location technology, the new solution will mean that mobile users’ card transactions will only clear when the user has their phone switched on to the location that they are in. The technology, which is currently in pilot-phase, is targeted at curbing credit card fraud, where unauthorized users attempt to use a stolen card. The service will be opt-in.
The technology will also verify a person’s location and prevent legitimate payments being declined while travelling. The partnership is expected to benefit MasterCard (News - Alert) customers that travel frequently, especially in business travel, and can create peace of mind for the bank in question too.
MasterCard and Syniverse (News - Alert) went on to explain that the geo-location tech can be used by mobile networks to target offers and deals to customers by knowing their particular location, especially if they are located near a retail store.
According to MasterCard there are nearly two billion of its cards in circulation globally and 65,000 transactions are processed every minute.
“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, MasterCard’s president of global strategic alliances. “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.”
President and CEO of Syniverse, Jeff Gordon (News - Alert) stated that mobile growth is continuing and diversifying with new players getting involved.
“We continue to grow our long tradition of commitment to mobile operators,” he said, “and this collaboration with the world’s leading brands will build new opportunities, resulting in more powerful mobile experiences for end users, new revenue opportunities for mobile operators and strengthened brand loyalty for all.”
Edited by Cassandra Tucker
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