Mastercard Incorporated has decided to expand its Click to Pay solution in Australia to help combat online payment fraud in the country. Click to Pay is a tokenized method designed for online transactions, aimed at improving both the checkout process and security measures for consumers.

This solution is compatible with the majority of credit and debit cards in Australia, and users can access it by visiting Mastercard's website. The implementation of Click to Pay is anticipated to assist Mastercard in addressing online payment fraud concerns within the Australian market, according to Yahoo Finance. Additionally, the company has entered into a partnership with Worldpay to introduce its Ethoca Alerts solution, with the objective of minimising chargebacks for merchants.

Ethoca Alerts provides merchants with notifications to preemptively manage disputes, thus potentially reducing financial losses attributed to fraudulent activities. Forecasts cited by Yahoo suggest that chargeback volumes across industries could escalate by 42% to reach 337 million by 2026. These strategic initiatives aim to equip Mastercard with adaptable and seamless mechanisms to combat fraud effectively.

According to data from AusPayNet, Australians incurred losses totalling USD 608.1 million in 2023 due to card-not-present fraud incidents. Mastercard's new solution, which eliminates the necessity for manual entry of card details, seeks to address up to 90% of payment card fraud cases. Cardholders can use their cards at checkout by employing an email lookup and undergoing two-factor authentication before finishing up the payment.

Benefits extend to both retailers and financial institutions, with reduced checkout times and enhanced conversion rates for retailers, alongside improved fraud management and transaction approval rates for financial institutions. Mastercard aims to replicate the success of its contactless payments concept in offline stores by enhancing the online customer experience through Click to Pay. Merchants leveraging the solution include Reading Cinemas, Skip, and Dominos.

Mastercard also plans to expand its Click to Pay solution further in the future. Other recent news from Mastercard A particularly noteworthy partnership involving Mastercard materialised in March 2024 when the company collaborated with Singapore Airlines (SIA) in a bid to improve the travel experience across Southeast Asia. Specifically, Mastercard entered a five-year strategic alliance with SIA, with the latter establishing Mastercard as the preferred partner for its upcoming co-branded card programs across Southeast Asia, including Cambodia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

The two companies intend to cater to emerging trends and consumer requirements. SIA, with assistance from Mastercard, aims to introduce co-branded credit and debit card programmes across Southeast Asia and offer a range of benefits to cardholders. .