With an estimated total loss of businesses suffering from fraud in e-commerce globally at more than $48 billion by 2023, of which 22% is in Asia, Mastercard has just announced an expansion of its partnership with Vesta, the world leader in payment fraud prevention.
Building on an existing partnership on payment fraud detection between the two, Mastercard will integrate Vesta’s Payment Guarantee™ solution and payment protection into its payment gateway service platform. Mastercard Payments (MGPS).
Starting in the second half of 2023, MPGS customers in the Asia-Pacific region will be offered optional access to both anti-fraud solutions, providing comprehensive protection for e-commerce transactions. , and at the same time reduce the entire cost of damage due to fraud.
With over 200 payment banking partners globally and the ability to seamlessly process safe, secure payments in over 170 currencies across more than 30 payment methods online, in person or in apps, MPGS is a powerful omnichannel payments platform that allows businesses – large and small – to easily accept payments from anywhere in the world, helping them grow and expand into new markets.
Sandeep Malhotra, Executive Vice President, Product & Innovation, Asia Pacific, Mastercard said: “To provide MPGS customers with solid fraud protection and With the best available, Mastercard is committed to maintaining strategic partnerships with the most trusted service providers in the payments, technology and security industries – like Vesta. Through this one-of-a-kind solution that combines the size and reach of MPGS with Vesta’s superior anti-fraud capabilities in a single product, businesses can have peace of mind and can save time as e-commerce transactions are completely protected from fraud and financial risks.”
With Payment Assurance™, transactions are 100% guaranteed against fraud. This means that if a fraudulent order is approved for payment by Vesta’s strict risk scoring engine, Vesta will bear the full cost of that transaction. By eliminating the risk and liability of businesses for fraudulent chargebacks, these businesses’ fraud losses are reduced to zero, allowing them to focus on growing their business. online business instead of worrying about trying to prevent scams yourself.
From the moment a customer selects “Place an Order” until the final order confirmation, the Payment Guarantee™ quickly, easily and accurately analyzes thousands of individual signals throughout the customer’s ordering process. used to detect forms of fraud, while increasing approval for legitimate online commerce transactions, driving revenue growth.
“We promise: Every approved transaction is 100% fraud chargeback guaranteed by Vesta. If we are wrong, we will take responsibility. We are happy to be able to help all MPGS customers and businesses focus on increasing sales, instead of worrying about fraud.,” said Mr. Shabab Muhaddes, Senior Vice President and Managing Director, Asia Pacific, Vesta.