Hundreds of millions of consumers travel abroad with their mobile devices every year – Mobile geolocation can deliver payment security and convenience ‘on the go’
At Mobile World Congress, MasterCard (NYSE:MA) and Syniverse today joined forces to deliver a number of mobile and payment services to enhance peace of mind for mobile users when they are traveling abroad.
The two companies are currently in pilot-phase for an opt-in service that will enable card transactions for users only when they have their mobile device switched on in a specific geolocation abroad.
This service aims to reduce consumers’ frustrations associated with having their payment cards used without their knowledge or having their own transactions unnecessarily declined when trying to make purchases in another country. Financial institutions will also have an additional tool that will help them make more effective decisions when approving or declining a transaction on behalf of their customers.
In addition, mobile users could also have a choice of prepaid data packages that they can purchase directly from their phones when they arrive in their destination country. Approximately 75 million mobile phone users travel outside their home country each month, yet today 70 percent of people switch their mobile data function off when they arrive, which is likely in an effort to avoid roaming charges.
Mobile network operators and brands can also benefit from the collaboration between MasterCard and Syniverse. In the future, they could implement targeted offers, which will be made more relevant by knowing the location of a mobile device, for example in close proximity to a retail store. A research report for Syniverse from economists at SEECuncovered a market valued of as much as $44 billion for operators providing services to brands based on opted-in mobile subscribers’ information, behavior and location – known as mobile context.
News of the collaboration was announced at Mobile World Congress during today’s “Mobile Retail: The One Stop Shop” session, which included Joe DiFonzo, Chief Technology Officer, Syniverse, and Hany Fam, President, Global Strategic Alliances, MasterCard. Additional speakers at the session included Rainer Deutschmann, Senior Vice President, Mobile Products, Deutsche Telekom; Gibu Thomas, Senior Vice President, Mobile and Digital, Walmart; and Greg Baxter, Global Head, Mobile and Digital Strategy, Citi.
With nearly 2 billion MasterCard cards in circulation, the world’s most advanced payments technology company is processing 65,000 transactions every minute, while Syniverse currently reaches more than 5 billion mobile devices globally via 1,000 mobile service providers.
Hany Fam, President Global Strategic Alliances, MasterCard: “This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience. By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world.”
Jeff Gordon, President and CEO, Syniverse: “The next growth phase of mobile is through the expansion of the diverse players within the ecosystem, and Syniverse’s unique position in the ecosystem allows us to serve as the mobile bridge. We continue to grow our long tradition of commitment to mobile operators, and this collaboration with the world’s leading brands will build new opportunities, resulting in more powerful mobile experiences for end users, new revenue opportunities for mobile operators and strengthened brand loyalty for all.”
- Video Statements of Jeff Gordon, CEO, Syniverse, and Hany Fam, President Global Strategic Alliances, MasterCard
- Flickr Images
MasterCard (NYSE: MA), www.mastercard.com,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Find a complete list of MasterCard’s news announcements from Mobile World Congress in our Digital Press Kitand follow us @MasterCardNews to join the conversation.
Syniverse makes mobile work for the entire mobile ecosystem, including more than 1,500 mobile service providers, enterprises, ISPs and app providers in nearly 200 countries and territories. We deliver innovative cloud-based solutions that ensure superior end-user experiences through always-on services and real-time engagement. For more than 25 years, Syniverse has been simplifying complexity to deliver the promise of mobility – a simple, interoperable experience, anytime, anywhere. For more information, visit www.syniverse.com, follow Syniverse on Twitter or connect with Syniverse on Facebook.