MasterCard is a household name in the African financial industry, and to maintain its reputation, it has to ensure that the security of its services and system is never breached.
According to reports, by the year 2030, payment card fraud loss is expected to hit an all-time high of 50 billion dollars. To this effect, Mastercard has announced that it will be putting in place preventive measures to help protect its consumers from payment card fraud.
This move will be possible due to Mastercard’s partnership with Network International, a tech company that supports digital commerce across Africa and the Middle East to help prevent fraud and reduce payment risks.
Brighterion AI is an artificial intelligence developed by Network International that will provide transaction checking and merchant monitoring across businesses to help provide safe transactions. Brighterion uses artificial intelligence to solve mission-critical problems for organizations and businesses and also provides mission-critical intelligence for these businesses.
Mastercard division president for the middle east and north Africa, Khalid Elgibali, said this about the AI: “At Mastercard, we provide capabilities and services beyond card payments, securing the entire payments ecosystem while utilizing the most cutting-edge technologies to keep one step ahead of fraudsters. Artificial intelligence capabilities from Brighterion are assisting in lowering merchant risk and fraud, resulting in safer transactions and a better user experience.”
This is not the first time Mastercard has partnered with Network International. In 2019, the payment platform company invested $300 million to help network international create safe and seamless transactions.
Nandan Mer, the CEO of Network International, said, “We are delighted to strengthen our partnership with Mastercard and expect to launch this revolutionary new AI technology across the region early this year. Our capacity to offer safe, secure, and smooth processing to financial institutions, merchants, and their clients is improved with the addition of Brighterion to Network’s portfolio of products.”
It is exciting to know that with the help of Brighterion AI, all MasterCard users can be rest assured that their payment cards are more secure for transactions and can detect fraud faster. As a MasterCard user, what do you think about Brighterion AI? Will it revolutionize the African payment industry?
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Photo By Mastercard
