Mastercard is making it possible for businesses to accept payments from anywhere in the world via a partnership with Vesta Solutions.
Mastercard will be integrating Vesta’s Payment Guarantee™ and its risk scoring solution, Payment Protect, within the Mastercard Payment Gateway Services (MGPS) platform.
A More Streamlined Checkout Process
The rise of e-commerce has also given rise to e-commerce fraud. In fact, a Juniper Research study found that losses tied to e-commerce fraud are expected to exceed $48 billion worldwide in 2023. Fraudulent chargebacks pose a significant cost to merchants, and many are simply not equipped to prevent or mitigate this type of fraud.
By integrating Vesta’s solutions within its platform, Mastercard is aiming to protect merchants. Because of Vesta’s 100% guarantee against fraud, if a fraudulent transaction goes through the checkout process, Vesta will be responsible for the full amount of the transaction. By eliminating the cost of fraud, merchants can focus their efforts on business-building strategies.
In the second half of 2023, customers that use the Mastercard Payment Gateway Services platform in the Asia-Pacific region will be granted the option of both the Payment Guarantee™ and the Payment Protect solutions to protect their e-commerce transactions.
And by Q1 2023, Vesta will be rolling out its solutions to Latin America and the Carribean. “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,” said Sandeep Malhotra, Executive Vice President of Products & Innovation, Asia Pacific at Mastercard in a statement released by the company.
“Our promise is that 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,” said Shabab Muhaddes, SVP and GM APAC for Vesta in a prepared statement.