Visa and U.S. Banks to Test Real Time Mobile Alerts of Credit Card Activity
August 18, 2008 8:55 PM | Interesting | Comments (0)
 The program, which is being conducted in cooperation with some of the largest North American issuers, is designed to enhance the consumer payment experience by alerting cardholders in real-time or near real-time of transaction activity on their Visa account - typically within seconds rather than hours or days. Participants will receive notification alerts from Visa through email or Short Message Service (SMS) delivered directly to their mobile devices. |
Based on Visa's state-of-the-art transaction authorization system, and its ability to analyze and conduct risk score transactions "in-flight," the service allows Visa cardholders to set thresholds that will trigger a transaction alert. Alert types that Visa cardholders may choose in the pilot include:
- cash withdrawal from an ATM machine;
- a transaction initiated cross border;
- an Internet or telephone transaction and
- a transaction that exceeds an amount that has been chosen by the cardholder.
Visa's Mobile Platform
Visa began testing mobile notifications in 2007, beginning with an internal employee pilot. Mobile alerts are part of a suite of mobile services that are supported by the Visa Mobile Platform, which was created to help financial institutions tap into mobile technology to deliver enhanced products and services. This effort comes as consumers globally are relying on their mobile phones to do far more than just handle calls. A recent Pew Research Centre report found that more than 80 percent of consumers between the ages of 18 and 49 use their mobile devices to engage in activities such as sending text messages, taking pictures and accessing the Internet.
Worldwide, Visa's Mobile Platform is supporting mobile trials of:
- mobile payments made both at the point of sale (using Visa payWave technology) and away from it by permitting remote payments via text message or the Internet;
- value-added services, which in addition to account notification can include the delivery of offers, coupons and rewards directly to a consumer's mobile device;
- mobile acceptance, enabling mobile devices to accept Visa payments, thus extending the flexibility of merchants and
- money transfer, which allows cardholders to use their mobile device to electronically transfer money to family and friends around the world directly from their Visa accounts.
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