VISA & MASTERCARD
Global Acceptance:
Both Visa and Mastercard are widely accepted worldwide, ensuring cardholders can make purchases and withdraw cash in numerous countries.
Enhanced Security Features:
Tokenization: This technology replaces sensitive card information with a unique identifier or "token," reducing the risk of fraud during online transactions. Mastercard aims to have 100% of e-commerce transactions tokenized by 2030.
Zero Liability Protection: Cardholders are protected against unauthorized transactions, ensuring security in case of fraud.
Digital-First Initiatives:
Mastercard's Digital First program enables entirely digital payment experiences, from card issuance to usage, with an optional physical card. This includes instant access to card information and the ability to manage accounts via mobile apps.
Open Banking Integration:
Mastercard's Open Banking for Account Opening program streamlines and secures the digital account opening process by verifying account ownership and reducing non-sufficient fund returns.
Virtual Card Solutions:
Both networks support virtual cards, which offer enhanced security for online transactions by generating unique card numbers for each purchase. This minimizes the risk of fraud and unauthorized charges.
Contactless Payments:
Visa and Mastercard facilitate contactless payments, allowing users to tap their cards or mobile devices for quick and secure transactions. This feature is increasingly important in the digital banking landscape.
Integration with Digital Wallets:
Both networks are compatible with digital wallets like Apple Pay and Google Pay, enabling seamless mobile payments and enhancing the digital banking experience.
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