A new text message-based banking notification system is being trialed by Visa Europe.
The company has developed a system that sends a text to a customer’s mobile phone every time their credit or debit card is used.
It is hoped that the service – which operates in real-time – will help to cut down on instances of fraud and enable consumers to improve their money management.
Information such as the time, location and amount spent will be provided in the text message, while those who sign up to the service will also be able to receive email alerts and install applications to their smartphones.
Senior vice president of innovation and new product development for the payments firm Sandra Alzetta said the aim of the service is to offer cardholders “reassurance”.
“If something looks suspicious, this will give them the power to put a stop to any fraud taking place on their cards,” says Sandra Alzetta.
Some Visa customers in the US were recently hit with bank charges of USD 23 quadrillion after a technical glitch occurred in the company’s debit processing operations.
D.C.