UAE-based lender Emirates NBD has become the first bank worldwide to sign up to Visa’s Mobile Location Confirmation service that reduces unnecessary purchase declines when consumers travel abroad.
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The service helps reduce unnecessary transaction declines that can lead to lost sales for retailers, additional customer service costs for financial institutions and, ultimately, poor customer experience.
The solution leverages mobile geo-location data to match the location of transactions with the location of the mobile device of customers. The bank can approve transactions when the locations match, thereby ensuring additional convenience and security for cardholders.
This helps improve authorisation rates of cross-border transactions, in turn enhancing experience for both cardholders as well as merchants.
The geo-location data delivered via the mobile banking app is used only for fraud risk management.
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By GlobalDataThe bank’s Visa cardholders can opt-in to the service by downloading the Emirates NBD mobile app onto their smartphone.
Cardholders opting-in to the service can get access to the service while travelling by periodically connecting their phone to a cellular or Wi-Fi network. They can also deactivate the service at any point of time.
Emirates NBD senior executive vice president & group head – retail banking and wealth management Suvo Sarkar said: "Today, with increasing international mobility providing a seamless payments experience to our customers is key.
"By pioneering with Visa to be the first bank to implement the Mobile Location Confirmation Service, we hope to give our customers increased confidence in using their cards when travelling overseas."
