Unlocking touchless retail shopping experiences: Verizon 5G and Mobile Edge Computing will be integrated with Mastercard’s retail technology solutions to reduce hardware requirements for autonomous checkout in-store, with a goal of faster deployments and new use cases, such as mobile updates, voice and video ordering, and more.This includes Tap on Phone, which allows any business to deliver new and best-in-class contactless consumer experiences by turning qualifying smartphones into acceptance devices. Enabling smartphones or connected devices to seamlessly accept payment: Mastercard’s commitment to delivering contactless payments at scale will be coupled with Verizon 5G to turn certain connected devices into commerce-enabled devices.
Verizon and Mastercard will work closely to unlock Internet of Things (IoT) sensor connectivity with near real-time edge computing to power the fintech, payments and banking industries, in addition to working to arm SMBs with hyper-automated and immersive commerce experiences. From contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) solutions, Mastercard and Verizon Business will collaborate to deliver scalable innovations that drive the industry forward and create new experiences for consumers and businesses alike. Moreover, organizations can improve transaction acceptance rates with insights that help them balance profitability and revenue opportunities against fraud loss and checkout friction.Verizon and Mastercard a strategic partnership expected to drive transformational solutions for the global payments and commerce ecosystem. This will enable issuers to enhance their decision-making processes for authorizations, chargebacks and refunds. Building on a long history of cross-collaboration, Microsoft’s Dynamics 365 Fraud Protection’s proprietary risk assessment, which leverages adaptive AI to assist in real-time fraud detection by identifying risky behaviors across purchase, account and in-store activities, has been integrated with Mastercard’s Digital Transaction Insights to better enable real-time intelligence sharing in an easily consumable and actionable format. Microsoft will be the first partner to share its insights and integrate with the new Digital Transaction Insights solution across several lines of business. This builds on our longstanding commitment of working across the industry to provide advanced technologies that enable trust, and help build a safe and thriving digital ecosystem for all.” We’re committed to developing advanced identity and fraud technology to help enhance the real-time intelligence we provide to financial institutions around the globe. “Shopping online should be simple, quick and secure.
Digital Transaction Insights is used across a wide range of online checkout instances, from click-to-pay functionality and wearables to digital wallets and in-app purchases.Ījay Bhalla, president, Cyber and Intelligence at Mastercard, said, The solution pairs Mastercard’s network insights with the merchant’s own data to confirm the consumer is who they claim to be, providing financial institutions with the additional intelligence needed to optimize their authorization decisions and approve more genuine transactions. Mastercard has directly addressed these needs by enhancing its Digital Transaction Insights solution with next-generation authentication and real-time decisioning intelligence capabilities. One of the growing types of digital fraud is first-party fraud, where a legitimate purchase is made online but later disputed. First-party fraud is estimated to be a $50 billion global issue. And, while consumers enjoy the convenience of shopping online, fraudsters also seek to develop new methods to use these same channels for ill-gotten gains. Now more than ever, delivering a frictionless shopping experience is critical as retailers look to shift window shopping and price comparison visits to confirmed sales. Mastercard on Monday announced the launch of an enhanced identity solution designed to improve the online shopping experience and tackle digital fraud in a new collaboration with Microsoft.
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