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Visa Working with Issuers to Expand use of Mobile Geolocating to Verify Card Present Transactions

Visa has partnered with Finsphere, a geospatial analytics company, to provide location information of mobile devices at the time of a card transaction. The card network is now working with card issuers to embed the mobile geolocation features in their mobile banking apps and estimates that 30 percent of wrongly declined transactions can be stopped.

Finsphere jointly launched a service called PinPoint in 2010 along with Location Labs. It was a similar mobile geolocating service to what Visa is looking to implement, although notifications went directly to the cardholder rather than the card issuers. Partnering with Finshpere, Visa plans to offer location tracking to their issuing bank partners in hopes of reducing unnecessary declines when a consumer travels.

 

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