Ethoca, a Mastercard company, announced an extension of its collaboration with Microsoft that will offer Microsoft customers easy access to their digital purchase receipts through their banks' mobile applications, thanks to Ethoca's digital receipts service. This move is designed to give customers more transparency in their online purchases, to eliminate transaction confusion, and to simplify the overall checkout process. Ethoca notes that it's not uncommon for providers of digital goods to experience false report rates of 80% or more from consumers who often don't recognize their own purchases or those of family members who have access to payment information. As a result, a growing number of consumers are using the litigation cycle unnecessarily. According to Mastercard, this growing phenomenon accounts for a growing share of global chargeback volumes estimated at more than 615 million by 2021. It also adds friction for consumers who unknowingly dispute legitimate transactions resulting in unintentional fraudulent claims, as well such as future false bank deregistrations. Mastercard estimates that card issuers and merchants incur €15-70 in operational costs for each dispute.
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United States Secretary of the Treasury Steven T. Mnuchin and the United States Small Business Administration. According to a recent study commissioned by Ethoca by research firm Aite Group, 93% of consumers surveyed said more information, including a photo of the printed receipt, would have been helpful for transactions that ended up being reported to their financial institution as unrecognized. or unauthorized. Ethoca's digital receipt service allows businesses, including Microsoft, to make this information available to their customers through card-issuing banks currently registered with Ethoca. Consumers typically access this enhanced digital receipt through their bank's mobile app. The solution is currently online with a top 5 US bank, with plans for further global expansion throughout the year. Ethoca's service has been shown to reduce incoming transaction requests from consumers to their bank by 15-30%. "Ethoca is thrilled to work with Microsoft to solve this challenge in the future: in the bank's mobile app, where consumers have the instant purchase clarity they need to avoid making a false statement," said Keith Briscoe, director of marketing and products. in Ethoca. "The only way the industry can solve this growing and costly problem is for industry-wide collaboration between card issuers, merchants, and card brands that share real-time shopping information through channels consumers know and across channels. that they trust." "This initiative is in line with Microsoft's commitment to provide the best customer experience every time, including access to Azure digital receipt and purchase information," said Stuart Dwyer, director of payments at Microsoft. the transaction when a doubt arises, usually when the customer verifies the card statement, can be effective for online purchases. This is also in line with Microsoft's commitment to provide customers with information on how to prevent fraud by using tools such as spending notifications or spending limits, available, for example, through Xbox Family settings. Microsoft is also actively working with the industry to solve the huge problem of first-party fraud and abuse to improve the shopping experience for all customers. "