Mastercard and end-to-end fraud protection platform Vesta have announced a new strategic partnership to deliver state-of-the art fraud management solutions for merchants in the Asia Pacific region.
The partnership will involve the integration of Mastercard’s Cyber & Intelligence (C&I) products and solutions into Vesta’s transaction guarantee platform, and will allow businesses to eliminate online fraud, approve more transactions, and grow their business.
Mastercard’s partnership with Vesta also reflects the company’s ongoing investments in market-leading cyber capabilities that bolster the wider ecosystem. The combination of cybersecurity solutions, including behavioural biometrics, pre-dispute resolution, and identity verification, along with Mastercard’s market expertise, will provide merchants with 100 per cent fraud chargeback protection. Transactional insights such as payment risk scores and pre-emptive chargeback alerts will also be incorporated.
According to a recent study from Juniper Research, the total cost of ecommerce fraud globally will exceed $48 billion in 2023, from just over $41 billion in 2022. The study found that Asia Pacific accounted for 22 per cent of global fraud.
With an increasing number of consumers choosing to shop online, identity verification, data leak protection, and tackling fraud in real time has become a challenge.
The new partnership will address these problems and help simplify risk management for businesses in the region by providing full protection before, during, and after a transaction, while also offering an enhanced digital payment experience for consumers and strengthening overall trust in ecommerce. The service will be available in the second quarter of this year.
“The partnership with Vesta is a great example of Mastercard’s commitment to building strategic relationships with key players across the payments and technology ecosystems,” said Karthik Ramanarthan, senior vice president of C&I at Mastercard Asia Pacific. “Mastercard is excited to have the opportunity to work together and deliver on the cybersecurity needs of its customers, making the region’s digital economy safer, more seamless, and secure.”
“We are honoured to partner with Mastercard to innovate in the C&I domain,” said Shabab Muhaddes, Vesta senior vice president and Asia Pacific general manager. “Through this strategic partnership, firms will benefit from integration into Vesta’s decision engine to approve more legitimate transactions with zero fraud chargeback liability, allowing them to focus on growing sales and improving customer experience without the fear of fraud.”
| ||Mastercard offers new range of benefits and experiences for affluent consumers in Vietnam |
As consumers increasingly turn to online channels for their everyday purchases, the value propositions on their World and World Elite cards are evolving to derive maximum value.
| ||Mastercard celebrated its Customer Forum 2022 for Vietnamese partners |
Mastercard, a global technology company in the payments industry, hosted the Mastercard Customer Forum 2022 in Vietnam to connect with its strong network of local financial institutions and issuers, as well as prestigious experts and guest speakers in new finance and payment services.
| ||Mastercard reveals Economic Outlook 2023 |
The Mastercard Economics Institute has released its annual forecast for the coming year, which shows how a new multi-speed global economy will impact growth and consumer spending.