With merchants estimated to suffer over $48bn in eCommerce fraud globally in 2023 – 22% of that in Asia – Mastercard announced the expansion of its partnership with Vesta, the global payment fraud protection firm. Building on the two firms’ fraud detection collaboration, Mastercard will be integrating Vesta’s iron-clad Payment Guarantee™ and Payment Protect risk scoring solution into its Mastercard Payment Gateway Services (MGPS) platform.
What does the partnership mean for MGPS clients?
Starting in the second half of 2023, Mastercard Payment Gateway Services customers in the Asia Pacific region will be given optional access to both fraud fighting solutions which would offer total protection for their eCommerce transactions and take their cost of fraud to zero.
With 200+ global acquirer connections, and the ability to seamlessly process safe, secure payments in 170+ currencies across 30+ payment methods online, in-person or in-app, MPGS is a powerful omnichannel payments platform that enables merchants to easily accept a payment from anywhere, helping businesses to grow and expand into new markets.
“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, Products & Innovation, Asia Pacific, Mastercard.
“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,” Sandeep Malhotra added.
What is is the market offering of Payment Guarantee?
With Vesta Payment Guarantee™, transactions are 100% guaranteed against fraud. This means that if a fraudulent order approved by Vesta’s rigorous risk scoring engine makes it through the checkout process, Vesta absorbs the full cost of the transaction. By eliminating a merchant’s risk and liability, it takes their cost of fraud to zero, letting them focus on growing their online business instead of worrying about trying to stop fraud attacks themselves.
From the moment a customer selects “Place order” until the final order confirmation, Vesta Payment Guarantee™ revolutionary solution is fast, frictionless and accurate, analyzing thousands of individual signals across the user journey to uncover fraud patterns while simultaneously increasing approvals of legitimate online sales, driving revenue growth.
Commenting on Vesta, Shabab Muhaddes, Senior Vice President and General Manager, APAC for Vesta, 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 clients and their businesses to focus on what matters – growing sales without the fear of fraud.”