Mastercard users will soon be able to more easily identify and verify whether payments recorded on their online statements are legitimate as the card issuer starts linking merchant logos to any transactions a user has made with participating companies.
The aim is to reduce transaction disputes and chargeback claims, Mastercard says.
“Almost everyone has experienced the frustration of trying to decipher confusing and brief purchase descriptions when reviewing online statements,” the payments network explains.
“This confusion forces cardholders to contact their banks unnecessarily to dispute unrecognised transactions, adding extra steps for consumers and generating an array of costs for merchants and banks.”
Once merchants have uploaded their logos for inclusion in online banking and payment apps, the branding “will be linked to corresponding transactions, adding clear visual cues to help cardholders quickly identify legitimate purchases”.
The service uses collaborative fraud and dispute resolution technology managed by Mastercard company Ethoca.
It has been launched in response to research the company commissioned in the US which showed that 96% of consumers want more details on their transaction records to help them recognise purchases more easily and that nearly 25% of all transaction disputes could be avoided by delivering these details, including merchant logos.