Mastercard Adds Transaction Details To Online Purchase History

Mastercard has debuted a new service to boost transparency for users’ purchases online, a press release says.

The payments company’s service, delivered via Ethoca, will give customers more details on their purchases like the merchant’s name, logo and location of the purchase.

Merchants have been invited to upload their logos and increase their brand’s visibility, as well as doing away with confusion on the purchases that have led to unnecessary chargebacks before.

In addition, the release says Mastercard is also working with issuers to help make a new industry standard, in which the better visibility and details are more entrenched in digital bank channels in the next year.

The release also cites a recent survey by Mastercard where many users said they’d had trouble identifying some of their recent transactions, and, thinking they’d been scammed, filed chargebacks even though the purchases actually had been their own.

Some of the issues that crop up in trying to look through transactions include unrecognizable merchant names, or if the payment processor’s name is displayed rather than the merchant’s.

The survey found that 77 percent of users sometimes could not identify purchases made on their own accounts for those or other such reasons.

Companies will be able to upload their logos by visiting Ethoca’s website and completing the associated form, the release says.

Brian Morris, vice president of product development for CEE at Mastercard Europe, said the company believes that “greater transaction transparency significantly improves digital banking channels’ user experience and gives consumers peace of mind and sense of control over their spending.”

“From issuers’ point of view, it increases cardholders’ interactions with bank’s digital channels, and merchants will get enhanced brand’s visibility,” he added. “Also, both banks and merchants would benefit from lower volume of consumers’ calls and complaints.”

Chargebacks have become a point of friction in the digital age, PYMNTS reports, and with the digital shift of the pandemic, the number of chargebacks and confusions are likely to be higher for the time being.