Mastercard is extending its partnering with Vesta Solutions. The tie-up gives Mastercard Payment Gateway Services customers access to Vesta’s Payment Guarantee and payment protect solutions. According to Mastercard, MPGS users who opt-in can expect higher transaction approval rates, more revenue and happier customers.
It is estimated that merchants will suffer more than $48bn in e-commerce fraud globally in 2023. Some 22% of the losses are forecast to occur in Asia.
Mastercard says that an expansion of its partnership with payment fraud outfit, Vesta, will give merchants added protection.
The two firms are expanding their existing fraud detection collaboration. Specifically, Mastercard will integrate Vesta’s Payment Guarantee and Payment Protect risk scoring solution into its Mastercard Payment Gateway Services (MGPS) platform.
From the second half of 2023, MPGS customers in the Asia Pacific region will be given optional access to both fraud fighting solutions which would offer total protection for their eCommerce transactions and take their cost of fraud to zero.
Mastercard Payment Gateway Services: a powerful omnichannel payments platform
Mastercard describes MPGS as a powerful omnichannel payments platform. It enables merchants – large and small – to easily accept a payment from anywhere in the world. This helps businesses to grow and expand into new markets.
“To provide MPGS customers with the toughest, most impenetrable fraud protection available, Mastercard is committed to nurturing strategic partnerships with the most trusted service providers in the payments, technology and security industries, like Vesta. This first-of-its-kind solution combines the scale and reach of MGPS with Vesta’s unrivalled fraud protection powers in a single integration. Merchants can enjoy the peace of mind – and extra time in their day – that comes from knowing that their eCommerce transactions are fully protected from fraud and financial risk,” said Sandeep Malhotra, executive VP, products and innovation, Asia-Pac, Mastercard.