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Mastercard’s initiative to make digital banking statements clearer

Mastercard collaborates with merchants and financial institutions to include logos in digital banking applications

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Mastercard’s initiative to make digital banking statements clearer. Source: shutterstock.com

Mastercard announced a new initiative managed by Ethoca, the company’s collaborative fraud and dispute resolution technology. It aims to eliminate the confusion occurring when users try to decipher unclear and brief purchase descriptions when reviewing online statements.

All merchants are encouraged to visit logo.ethoca.com and upload their logos for inclusion in online banking and payment apps. The merchant logos will be linked to corresponding transactions, adding clear visual cues to help cardholders quickly identify legitimate purchases. Participating merchants are provided an opportunity to simultaneously extend their brand presence as well as eliminate expensive and time-consuming chargebacks. This program is also available to all financial institutions.

A recent Ethoca-commissioned Aite Group study of the US market revealed that 96% of consumers want more details that help them easily recognize purchases, and nearly 25% of all transaction disputes could be avoided by delivering these details – including logos. It’s estimated that global chargeback volume will reach 615 million by 2021, fueled in large part by frustrated consumers turning to the dispute process unintentionally.

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