MasterCard and Syniverse revealed a new partnership at the Mobile World Congress event in Barcelona, which they believe will enhance peace of mind for mobile users making payments.
The companies are currently piloting an opt-in service that will only allow card transactions for users when their mobile device is switched on in a specific geolocation abroad.
This service aims to reduce consumers’ frustrations associated with having their payment cards used without their knowledge or having their own transactions unnecessarily declined when trying to make purchases in another country.
Hany Fam, president of global strategic alliances at MasterCard, said: “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."
Financial institutions will also have an additional tool to help them make more effective decisions on the approval or denial of transactions on behalf of their customers.
Jeff Gordon, president and chief executive of Syniverse, said the company's unique position in the ecosystem allows it to serve as the mobile bridge.
By Gary Cooper