Mastercard launches new digital banking solution to improve transparency

Mastercard launches a new digital banking solution, which offers cardholders more details about their purchases. Provided by Ethoca, company owned by Mastercard, the new product will enhance the digital experience of consumers, providing additional details about transactions, such as the name of the merchant, his logo and the place where the purchase took place.

In order to increase brand visibility and reduce confusion in the case of unidentified transactions leading to unjustified refund requests, merchants are invited to upload their logos to the system. Mastercard is working with issuers to introduce a new industry-wide standard so that, from the end of 2022, digital banking channels include complete transaction information.

According to a recent study, most Romanian consumers have reported difficulties in identifying certain transactions through digital banking channels. Anxiety about potential fraud has led several consumers to apply for reimbursable funds, which could have been avoided.

“We are committed to working with issuers and merchants to make this functionality a standard for digital banking users by the end of 2022. We believe that greater transaction transparency significantly improves the experience of those who use digital banking channels. and gives consumers mental comfort and a sense of control over spending. From the perspective of issuers, the solution increases the degree of interaction between cardholders and the bank’s digital channels, and in the case of merchants, they will gain more visibility for their brand. Also, both banks and merchants will benefit from a lower volume of calls and complaints from consumers,” said Cosmin Vladimirescu, Country Manager Mastercard Romania and Croatia.