Seeking to enable its customers with access to its digital purchase receipts through the banks’ mobile applications, Ethoca, a Mastercard company has announced an expansion of its collaboration with Microsoft.
It builds on the desire for greater transparency and a simplified payments process within online purchases.
According to a recent Ethoca-commissioned study by research firm Aite Group, 93% of surveyed consumers said more information, including a picture of the printed receipt, would have been helpful for transactions they ended up reporting to their financial institution as unrecognised or unauthorised.
Ethoca’s Digital Receipts service enables businesses including Microsoft to make this information available to its customers through card issuing banks currently enrolled in Ethoca’s service. Typically, consumers access this enhanced digital receipt through the bank’s mobile app. The solution is currently live with a Top 5 US bank, with plans for further global expansion throughout the year.
Keith Briscoe, Chief Marketing and Product Officer at Ethoca commented: “Ethoca is thrilled to be working with Microsoft to solve this challenge upstream – in the bank’s mobile app where consumers have the instant purchase clarity they need to avoid making a false claim.
“The only way the industry can solve this growing and costly problem is through industry-wide collaboration between card issuers, merchants and card brands sharing purchase insight in real time through the channels consumers know and trust.”
Stuart Dwyer, Payments Director at Microsoft added: “This initiative aligns with Microsoft’s commitment to providing the best customer experience at every occasion, including access to Microsoft’s own Azure- based digital receipt and purchase information.
“Better information about the transaction at the moment when any doubt arises – typically when the customer is checking the card statement – can be effective for online purchases.
“It also ties in with Microsoft’s commitment to provide customers with insights on how to prevent fraud by using tools such as spending notifications or spending limits, available for example via Xbox family settings. Microsoft is also actively collaborating with the industry to address the broader problem presented by first-party misuse and fraud to enhance the purchase experience for all customers.”
