Visa Launches Consumer Transaction Controls for Cardholders
Visa today launched a service to give prepaid and other cardholders more control over their accounts. Through the service, called Visa Consumer Transaction Controls, Visa issuers can enable their prepaid, debit and credit card customers to “to set simple, convenient and effective spending controls, receive transaction alerts, or even temporarily suspend their accounts using a simple on/off feature,” Visa says.
Issuers can offer the controls via their mobile banking applications, mobile wallets or Websites. The service enables consumers to limit their spending by amount, time periods or other factors, set alerts by transaction type and temporarily suspend their accounts should cards be lost or stolen. Visa says the service will help reduce fraud. That’s because Visa cardholders who already receive similar alerts experience 40 percent less fraud than other account holders, according to the payments network.
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,” said Mark Nelsen, senior vice president of risk products and business intelligence, Visa Inc. “With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
This launch follows the payment network’s announcement that it will lean more on outside software developers to create and improve service offerings through the Visa Developer tool.