Mastercard company Ethoca has revamped and relaunched its Eliminator solution, as Consumer Clarity™, in a bid to meet increased consumer demand for improved digital purchase transparency.
The way that consumers shop, pay and bank has changed dramatically, accelerated by the impact of Covid-19 in 2020. In the first two months of the pandemic alone, global eCommerce spending surged by $53 billion and consumers came to rely increasingly on digital banking channels to review their purchases and track spending.
According to Ethoca, recent research has shown that 77 per cent of surveyed consumers were often unable to recognise transactions in their online statements. While 96 per cent said that they wanted more detailed information available in their digital banking application to help them understand what they bought.
Consumer Clarity™ will, says Ethoca, provide just that and is part of their ongoing efforts to accommodate the increasing shift to everything digital. It will deliver on-demand merchant and purchase information (such as easy-to-recognise merchant names and logos, purchase location details, and itemised digital receipts) to both cardholders and financial institutions. It will also help to significantly reduce disputes and chargebacks caused by transaction confusion.
Businesses will be able to optimise their digital offerings, with new features and services that can improve customer experience and engagement. While merchants can use new channels to connect with customers and increase brand presence.
Andre Edelbrock, Ethoca’s co-founder and now executive vice president – security & cyber innovation at Mastercard, said: “From day one our mission has been to enhance the consumer experience by improving communication between all payment stakeholders and reducing the need for inefficient systems like the chargeback process. In today’s increasingly virtual world, this is more important than ever.
“Consumer Clarity™ is the next step in this mission. As the name suggests, it puts the needs of consumers first to solve for one of the biggest problems in digital commerce and banking today – a lack of purchase transparency.”
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