PURCHASE, N.Y.—With chargeback volumes expected to reach 337 million by 2026, a 42% increase from 2023 levels, Mastercard and Worldpay said they are partnering in an effort to reduce that number.
Through the partnership, Worldpay will offer Mastercard’s Ethoca Alerts to its one-million merchants worldwide. According to Mastercard, the service provides an early warning system that helps prevent a dispute from becoming a chargeback and reduce potential financial losses due to fraud.
“Ethoca Alerts, by Mastercard, works across all payment brands and delivers insights that merchants can use to stop the fulfilment of goods and services,” the company said.
It added that merchants do not need to change their existing infrastructure or processes to take advantage of Ethoca Alerts, Mastercard said.
“The collaboration will also help improve authorization rates for merchants, enabling more of the $2.3 trillion total transactions Worldpay processes to be completed successfully thanks to fewer erroneously declined transactions,” Mastercard said.
Expanded Remittance Reach
Separately, Mastercard reported it is expanding its remittance reach under a new agreement with Alipay, Mastercard reported.
Alipay is China’s leading digital open platform.
In making its announcement, the company said Insights from Mastercard’s Borderless Payments Report reveal that 68% of consumers would make more online cross-border payments if they were faster. In addition, they increasingly favor digital versus in-person cross-border payments, motivated by a desire for quick and secure capabilities to send money along with built-in confirmation that funds were received, Mastercard said.
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