A recent study showed that as many as 77% of customers in our region have difficulty recognizing transactions when checking payment history in their e-banking and m-banking accounts, and that 40% of customer complaints could have been avoided had purchase details been more transparent.
As the number of digital payments increases and user habits become more sophisticated in terms of the use of modern technologies, it is clear that merchants in both physical and online environments will need to add a transparent user experience to the list of priorities while improving the supply of goods and services. channels to promote and insist on payment and business security.
The solution for greater transparency of Ethoca transactions (full name Ethoca Consumer Clarity) developed by Ethoca, a company operating within Mastercard, is a way to bridge the gap in transparency because it provides a clearer overview of information relevant to the user, such as logo, business name and location of the point of sale. In practice, this means that, after placing their logos on www.logo.ethoca.com completely free of charge, merchants make their brands more recognizable because these logos are linked to the relevant transactions and appear in bank statements that consumers regularly receive and check.
Access to transparent information increases consumer satisfaction by providing clear information about the purchase and point of sale where card payment was made, thus reducing the possibility of confusion and eliminating unjustified claims for refunds that take time and resources from banks and merchants.
We invite all retailers to be actively involved in this solution, and to submit their logo as follows:
Click on the link: https://logo.ethoca.com and select Get started now,
Transfer the logo to the required format and enter the required information in the form, with the upload of the logo,
Confirm sending the logo and data by clicking Submit.
The Ethoca solution will establish greater transparency of transactions, which will significantly improve the user experience in digital banking channels, and will give consumers peace of mind and a sense of control over their own consumption. From the perspective of card issuers, this will increase the interaction of card users with the bank’s digital channels, and merchants will get improved brand visibility. Also, both banks and merchants will benefit from fewer consumer calls and complaints.