“The only way the industry can solve this growing and costly problem is through industry-wide collaboration between card issuers, merchants and card brands sharing purchase insight in real time through the channels consumers know and trust.” “Ethoca is thrilled to be working with Microsoft to solve this challenge upstream – in the bank’s mobile app where consumers have the instant purchase clarity they need to avoid making a false claim,” said Keith Briscoe, Chief Marketing and Product Officer at Ethoca. Ethoca’s service has been shown to reduce inbound transaction inquiries from consumers to their bank by 15-30%. The solution is currently live with a Top 5 US bank, with plans for further global expansion throughout the year. Typically, consumers access this enhanced digital receipt through their bank’s mobile app. Ethoca’s Digital Receipts service enables businesses including Microsoft to make this information available to their customers through card issuing banks currently enrolled in Ethoca’s service. Mastercard estimates that card issuers and merchants alike incur $15-$70 in operational costs for every dispute.Īccording to a recent Ethoca-commissioned study by research firm Aite Group, 93% of surveyed consumers said more information, including a picture of the printed receipt, would have been helpful for transactions they ended up reporting to their financial institution as unrecognized or unauthorized. It also adds friction for consumers who unknowingly contest legitimate transactions that result in unintended fraud claims, as well as future false declines from their bank. This results in a growing number of consumers using the dispute cycle unnecessarily.Īccording to Mastercard, this growing phenomenon accounts for an increasingly large share of global chargeback volumes estimated to reach more than 615 million by 2021. It’s not uncommon for digital goods providers to experience false claim rates of 80% or higher from consumers who often fail to recognize their own purchases, or those of family members who have access to payment credentials. Today’s digital consumer is demanding more transparency about their online purchases to eliminate transaction confusion and simplify the overall payment journey.
Microsoft Customers Enjoy Easy Access to Digital Receipts Through Ethoca’s Expanding Network of Banks, Providing Better Transaction Clarity Throughout the Payment Journey & Reduced Dispute Resolution CostsĮthoca, a Mastercard company, today announced an expansion of its collaboration with Microsoft that will bring Microsoft customers simple access to their digital purchase receipts through their banks’ mobile applications, enabled with Ethoca’s Digital Receipts service.