Mastercard, a renowned multinational financial services corporation, is enhancing its fraud protection for eCommerce merchants by integrating Vesta Solutions, an industry leader in payment fraud protection, into Mastercard’s Payment Gateway Services (MPGS).
The collaboration aims to counteract an estimated $48bn global eCommerce fraud, with 22% expected to occur in Asia in 2023.
Mastercard, widely recognised for its credit, debit, and prepaid cards, and Vesta, respected for their expertise in combating eCommerce fraud, are joining forces to better protect eCommerce transactions. The new partnership will offer MPGS customers access to Vesta’s Payment Guarantee and Payment Protect solutions. This collaboration further strengthens Mastercard’s dedication to providing safe and secure online transactions to its customers.
Mastercard’s MPGS platform, with over 200 global acquirer connections, provides a secure omnichannel payments platform for merchants, accepting payments in more than 170 currencies via 30+ payment methods. Meanwhile, Vesta’s Payment Guarantee ensures transactions are 100% guaranteed against fraud. If a fraudulent order slips through, Vesta absorbs the full cost, effectively taking the merchant’s cost of fraud to zero.
Starting in the second half of 2023, MPGS customers in the Asia Pacific region will have optional access to both fraud-fighting solutions. These tools will provide total protection for their eCommerce transactions, eliminating the cost of fraud and allowing businesses to focus on growth and expansion.
Sandeep Malhotra, executive vice president, products & innovation, Asia Pacific, Mastercard, emphasised the significance of this partnership. He said, “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.
“Through this first-of-its-kind solution combining the scale and reach of MPGS 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.”
Shabab Muhaddes, SVP and GM APAC for Vesta, also expressed his excitement about the collaboration. He said, “Our promise: Every approved transaction is covered by Vesta’s 100% fraud chargeback guarantee. If we’re wrong, it’s on us. We are excited to enable all MPGS customers and their businesses to focus on what matters – growing sales without the fear of fraud.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
