MasterCard and networking firm Syniverse are developing a service to protect credit card transactions abroad using a phone's location.
The opt-in service, which is currently in pilot stage, would allow users to carryout transactions only if their mobile devices are switched on in a particular geolocation while travelling abroad.
MasterCard Global Strategic Alliances president Hany Fam said that the collaboration opens up a whole new range of possibilities for end users.
"By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world," Fam said.
The new system is transparent and requires no costly roaming contracts, as Syniverse's technology interconnects networks secretly and locates users via the mobile phone signal alone, without requiring any mobile data.
The new system would also bring peace of mind to consumers without their knowledge or their transactions being declined while making purchases in another country.
Syniverse president and CEO Jeff Gordon said that the partnership will build new opportunities, resulting in more powerful mobile experiences for end users and new revenue opportunities for mobile operators.
"The next growth phase of mobile is through the expansion of the diverse players within the ecosystem, and Syniverse's unique position in the ecosystem allows us to serve as the mobile bridge," Gordon said.
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