PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Ethoca to Bring Digital Receipts to Consumers through Collaboration with Microsoft

PaymentsJournal by PaymentsJournal
April 15, 2020
in Mobile Banking, Mobile Payments, Press Releases, Recent News
0
Ethoca to Bring Digital Receipts to Consumers through  Collaboration with Microsoft
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Microsoft Customers Enjoy Easy Access to Digital Receipts Through Ethoca’s Expanding Network of Banks, Providing Better Transaction Clarity Throughout the Payment Journey & Reduced Dispute Resolution Costs

Toronto, Canada  – April 15, 2020 – Ethoca, a Mastercard company, today announced an expansion of its collaboration with Microsoft that will bring Microsoft customers simple access to their digital purchase receipts through their banks’ mobile applications, enabled with Ethoca’s Digital Receipts service.

Today’s digital consumer is demanding more transparency about their online purchases to eliminate transaction confusion and simplify the overall payment journey. It’s not uncommon for digital goods providers to experience false claim rates of 80% or higher from consumers who often fail to recognize their own purchases, or those of family members who have access to payment credentials. This results in a growing number of consumers using the dispute cycle unnecessarily.

According to Mastercard, this growing phenomenon accounts for an increasingly large share of global chargeback volumes estimated to reach more than 615 million by 2021[1]. It also adds friction for consumers who unknowingly contest legitimate transactions that result in unintended fraud claims, as well as future false declines from their bank. Mastercard estimates that card issuers and merchants alike incur $15-$70 in operational costs for every dispute.

According to a recent Ethoca-commissioned study by research firm Aite Group, 93% of surveyed consumers said more information, including a picture of the printed receipt, would have been helpful for transactions they ended up reporting to their financial institution as unrecognized or unauthorized. Ethoca’s Digital Receipts service enables businesses including Microsoft to make this information available to their customers through card issuing banks currently enrolled in Ethoca’s service. Typically, consumers access this enhanced digital receipt through their bank’s mobile app. The solution is currently live with a Top 5 US bank, with plans for further global expansion throughout the year. Ethoca’s service has been shown to reduce inbound transaction inquiries from consumers to their bank by 15-30%.

“Ethoca is thrilled to be working with Microsoft to solve this challenge upstream – in the bank’s mobile app where consumers have the instant purchase clarity they need to avoid making a false claim,” said Keith Briscoe, Chief Marketing and Product Officer at Ethoca. “The only way the industry can solve this growing and costly problem is through industry-wide collaboration between card issuers, merchants and card brands sharing purchase insight in real time through the channels consumers know and trust.”

“This initiative aligns with Microsoft’s commitment to providing the best customer experience at every occasion, including access to Microsoft’s own Azure- based digital receipt and purchase information,” said Stuart Dwyer, Payments Director at Microsoft.“ Better information about the transaction at the moment when any doubt arises – typically when the customer is checking the card statement – can be effective for online purchases. It also ties in with Microsoft’s commitment to provide customers with insights on how to prevent fraud by using tools such as spending notifications or spending limits, available for example via Xbox family settings. Microsoft is also actively collaborating with the industry to address the broader problem presented by first-party misuse and fraud to enhance the purchase experience for all customers.”


[1] Aite Group

Tags: EthocaMicrosoftMobile AppMobile BankingMobile PaymentsPress Releaserecent news
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    debit cards, Gen Z

    Debit Builds Consumer Loyalty Among Gen Z and Other Top Demographics

    June 7, 2023
    check fraud

    Check Fraud: The Threat is Real

    June 6, 2023
    smart banking

    Smart(er) Banking Requires More Than Just Tech

    June 5, 2023
    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result