MASTERCARD, the world’s second-biggest credit and debit card company, yesterday announced the pilot of a new service to use mobile location data to allow easy card payments for customers who are travelling abroad.
The system works by accessing the location data of a mobile phone to make sure that where a credit card is being used is where the owner actually is.
“By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your Mastercard to uniquely work where you and your phone are, anywhere in the world,” said Mastercard global strategic alliances president Hany Fam at the launch event at Mobile World Congress in Barcelona yesterday.
The majority of credit card fraud occurs in different countries, according to Mastercard, so just allowing a credit card provider to know if a cardholder is in one general location is enough to block the fraudulent use.
Fam said that Mastercard customers will be offered its location-based anti-fraud system in the near future.