MasterCard announced on Tuesday at the Mobile World Congress (MWC) 2014 in Barcelona that it has partnered with the network company, Syniverse to launch a new service that can save its customers from fraudulent transactions using geo-location technology.
The service, currently in pilot-phase, requires cardholders to opt-in and will allow transactions only when the users have their mobile phones switched on in that location.
Credit card companies can check the location of your smartphone and see if you are in the same place as your card, to approve or reject a transaction. MasterCard explains this in turn will reduce fraud and bring peace of mind to users expecting a secure experience while travelling abroad.
“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. By leveraging the speed and intelligence of our global network and combining it with geo-location solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world,” said Hany Fam, President Global Strategic Alliances, MasterCard in the press release.
The collaborating companies are likely to consider offering prepaid data packages that users can purchase when they reach a destination and claims this to be an opportunity for mobile networks to provide targeted offers and coupons for their customers.
MasterCard’s new anti-fraud system with Syniverse is expected to be available to customers in the near future. However, both the companies haven’t said a word on when the service will be available.
