mobile payment security for consumers traveling abroad. By tying their payment card settings to the geolocation of their mobile devices, the hundreds of millions of consumers who travel internationally with their phones every year get to experience the same purchasing confidence wherever they are in the world.
The global collaboration aims to reduce payment card fraud, the majority of which takes place across borders. The two companies are currently in pilot-phase to enable payment transactions only when an opted-in cardholder’s mobile device is switched on in a certain geolocation.
In addition to receiving an extra layer of security over their finances, this means traveling consumers are less likely to encounter the frustrations associated with unqualified card cancellations or blocked transactions. By confirming that the location of the point-of-sale and the location of the cardholder’s mobile device are the same, financial institutions mitigate the risk of illegitimate charges and improper denials.
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