Building on the two companies existing fraud detection partnership, Mastercard is set to integrate Vesta’s Payment Guarantee and Payment Protect risk-scoring solutions into its MPGS platform. Beginning with H2 2023, MPGS customers within the Asia Pacific region are set to be enabled with optional access to both fraud-fighting solutions, which are to provide complete protection for their ecommerce transactions and take their fraud cost to zero.
Juniper Research estimated merchants to suffer over USD 48 billion in ecommerce fraud globally in 2023 – 22% of that in Asia, which prompted Mastercard to expand its partnership with Vesta, a payment fraud protection company.
The press release details that the Vesta Payment Guarantee helps ensure that transactions are 100% guaranteed against fraud, meaning that should a fraudulent order approved by Vesta’s risk-scoring engine make it through the checkout process, Vesta is set to take up the entire cost of the transaction.
By having a merchant’s risk and liability from fraudulent transactions eliminated, it takes their fraud cost to zero, enabling them to focus on growing their online business as opposed to trying to put a halt to fraud attacks themselves.
From the point a customer selects ‘Place order’ to the final order confirmation, Payment Guarantee is fast, frictionless, and accurate, carrying out analysis of a multitude of individual signals throughout the user journey to uncover fraud patterns while concomitantly increasing approvals of legitimate online sales, thus helping drive revenue growth.
With over 200 global acquirer connections and the ability to process safe, secure payments in more than 170 currencies across over 30 payment methods online, in-person, or in-app, the MPGS omnichannel payments platform lets merchants no matter the size to accept payments from anywhere, assisting businesses with growing and expanding into new markets.
Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard said that to provide MPGS customers with tough, impenetrable fraud protection, Mastercard has a commitment to ‘nurturing’ strategic partnerships with trusted services providers within the payments, technology, and security industries.
With the solution combining MPGS’ scale and reach with Vesta’s fraud protection capabilities in a single integration, the spokesperson believes that merchants can be assured that their ecommerce transactions are fully protected against fraud and financial risk.
A global transaction guarantee company for online purchases, Vesta aims to deliver ‘unparalleled’ approval rates and a frictionless customer experience, while simultaneously helping eliminate chargebacks, alongside other forms of digital fraud. Its solutions are leveraged by brands in ecommerce, travel, financial services, and telco to provide accurate decisions, as well as 100% guaranteed transaction and revenue protection in real-time.
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