Mobile payment card control services provider Ondot Systems‘ latest numbers show solid adoption of its Mobile Card Services platform, the company said. Seven of the top 10 card processors covering 15,000 card issuers and 250 million cards around the world now use the platform. Customers have reduced fraud costs by up to 40 percent and increased use of their payment cards by close to 25 percent.
- lock and unlock their cards;
- proactively set usage preferences including location, transaction types, merchant categories and spending limits;
- receive and respond to instant interactive two-way rich alerts;
- perform self-service actions including capturing purchase receipts, initiating disputes, setting travel notifications, and reporting lost and stolen cards; and
- monitor dependents and employees.
The solutions can be offered as a card issuer-branded stand-alone application or be integrated into the issuer’s existing applications. They come as Visa (Oct. 14, 2016) and MasterCard (Apr. 21 2017) are requiring card issuers to support the ability for users to register for transaction alerts.