Another take on mobile payments – payment validation. Visa is trialling a system in the UK that will send SMS or email confirmation of card transactions to account holders’ mobiles whenever their debit, credit or prepay card is used.
The texts include the time, location and amount involved in each transaction.
The idea, with card fraud on the up, is to offer cardholders peace of mind that payments are being made only by those authorised. If a dodgy transaction takes place, the consumer can put a stop to their card. Visa is trialling the setup with its own staff and with affiliated banks, saying it’s picked a summer trial due to high numbers of traveling cardholders. Future ideas could involve conversion to a cardholders’ home currency when making foreign purchases.