Mastercard to add merchant logos to financial app records

Mastercard is encouraging merchants to load up their logos to a new site managed by fraud platform Ethoca, in an effort to minimise dispute resolutions claims by confused consumers.

The aim of the project is to give consumers more clarity over purchases made, without having to wade through confusing product descriptions when reviewing online statements.

It’s estimated that global chargeback volume will reach 615 million by 2021, fueled in large part by frustrated consumers turning to the dispute process unintentionally.

All merchants are encouraged to visit and upload their logos for inclusion in online banking and payment apps. The merchant logos will be linked to corresponding transactions, adding clear visual cues to help cardholders quickly identify legitimate purchases.

“With greater digital dependency, having real-time purchase details is critical for consumers, merchants and card issuers alike,” says Johan Gerber, executive vice president, Cyber and Security Products at Mastercard. “We continue to collaborate with industry partners to bring clarity and simplicity before, during, and after transactions. By enriching transaction details, merchants can alleviate friendly fraud, reduce chargebacks and improve the customer experience.”

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