MasterCard has entered into a strategic alliance with First Data to provide a unified solution for First Data’s FirstVision platform with the introduction of MasterCard inControl platform for Asia Pacific banking clients.
MasterCard inControl is a secure payment platform that gives cardholders greater control over spending by enabling them to set spending limits on their accounts.
MasterCard claims that the platform has a range of offerings which can meet the requirements of different types of cardholders, from small and large businesses to families.
To help minimize potential losses resulting from stolen credit card numbers, the platform provides cardholders with customised spend management tools and generates dynamic virtual card numbers (VCN). It also generates real-time alerts of each transaction to prevent fraudulent card use.
MasterCard group head for emerging payments for Asia Pacific Raj Dhamodharan said: "We strongly believe that the inControl platform will not only provide more secure transactions for consumers, but will also help them manage their spending and budgeting more effectively."
First Data senior vice president and head of Asia Pacific region Marc Mathenz said: "MasterCard’s inControl solution will help our financial institution clients provide greater choice to their customers. For banks, this solution will support new account growth, increase card usage, protect against e-commerce fraud and help build deeper customer relationships."