MasterCard has launched two new services that raise the bar on consumer experience and everyday peace of mind for cardholders across Asia Pacific.
MasterCard IQ series, pioneering solutions designed to reduce the rising number of card transactions being falsely declined; and Automatic Billing Updater service (ABU), which securely communicates account changes from banks and merchants to ensure a seamless experience for cardholders’ recurring payments.
Delivering greater convenience through real-time intelligence, the MasterCard IQ series is a suite of pioneering solutions that help empower issuers and merchants to make more informed authorization decisions.
According to Javelin research, the value of false declines per year has hit $118 billion – more than 13 times the total amount lost annually to actual card fraud ($9 billion).
The new MasterCard IQ series – the latest tier in the company’s multi-layered approach to tackling safety and security – is available to issuers and merchants globally and supports all MasterCard brands and products – to deliver a convenient and uninterrupted payment experience for consumers
The MasterCard IQ series includes two core products that provide insights into cardholder spending habits in a split-second:
• Authorization IQ – provides issuers with segmented account spending insights to help them make more informed authorization decisions. Unique and historical behavior of the card is used to predict and assess risk against a current transaction, decreasing false declines.
• Assurance IQ – enables the exchange of vital eCommerce information from the merchant about the circumstances of a transaction. This enables MasterCard provide a blended risk score about the transaction to the issuer, enhancing confidence in the approval.
Each payment account maintains specific details to help ensure issuers can manage accounts using the latest technologies and security protections. However, when accounts expire or new accounts are issued, this process requires cardholders to communicate updated account information to retailers with whom they store their accounts in digital wallets or have recurring bill payments such as monthly subscriptions.
To eliminate this inconvenience – and the potential to interrupt service – MasterCard now offers its global Automatic Billing Updater (ABU) service in Asia Pacific. Using ABU, MasterCard securely systematizes communication of account changes from banks to merchants, enabling merchants to provide cardholders with a seamless experience month after month and retain their valuable business.