MasterCard and Syniverse are partnering to deliver a number of mobile and payment services for consumers to use when traveling abroad. The two companies are currently in pilot-phase for an opt-in service that will enable card transactions for users only when they have their mobile device 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. Financial institutions will also have an additional tool that will help them make more effective decisions when approving or declining a transaction on behalf of their customers.
In addition, mobile users could also have a choice of prepaid data packages that they can purchase directly from their phones when they arrive in their destination country. In the future, brands could implement targeted offers, which will be made more relevant by knowing the location of a mobile device, for example in close proximity to a retail store.
“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, president, global strategic alliances, MasterCard. “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.”