Visa has launched a new mobile location confirmation service to reduce purchase declines often triggered when consumers travel outside of their home area.
Go deeper with GlobalData
Visa Mobile Location Confirmation will utilize real-time, geo-location technology to predict whether it is the account holder or an unauthorized user making a payment with a Visa account thereby reducing the chances of fraud.
The service will lend greater intelligence to financial institutions when approving transactions, reducing as much as 30% of declined transactions, impacting millions of transactions annually and improving the experience for cardholders, merchants and financial institutions.
Visa will work in collaboration with Finsphere Corporation, a geo-spatial analysis provider, to acquire an analysis of the account holder’s device location data before approving a transaction.
The service, initially being rolled out to the US card-issuing financial institutions in April 2015, will be available to cardholders via the card-issuing bank’s mobile banking app.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataVisa senior vice president of risk products and business intelligence Mark Nelsen said: "By matching the location of the cardholder through a cell phone or other mobile device, to the location of the purchase, Visa’s new service will enable banks to feel more confident about authorizing a transaction that might otherwise have been declined due to suspicion of fraud."
