The MasterCard inControl service allows issuers to select which MasterCard controls and alerts to quickly and easily integrates into new or existing debit, credit, prepaid, PayPass and mobile payment products.
With MasterCard inControl, cardholders can set budgets for particular types of spending and manage exactly where, when, how, and for what types of purchases each payment card linked to their accounts may be used. They can establish their own system of alerts to safeguard against overspending and keep them informed in real-time about attempted card activity. They can also obtain single (or limited) use virtual card numbers linked to their accounts providing security and control when shopping online.
The inControl service also gives banks the option to either immediately decline transactions that are not approved due to the assigned limits or request secondary authorization via an instant SMS message to ask the cardholder to personally approve the payment.
Chris Wood, managing director of Barclaycard UK foundation & partnerships, said: “With inControl, we are able to utilize MasterCard’s advanced network technology and capabilities to fulfill the demand from cardholders for ever more convenient ways to pay and manage their spending, with added security that you expect from Barclaycard.”
Josh Peirez, head of innovative platforms at MasterCard, said: “The launch of this service from Barclaycard is clear demonstration of the growing trend by financial institutions to offer smart cardholder services that put financial control back into cardholders’ hands and we are excited to be working with them to both implement the first consumer application of our inControl service and harness its value for their customers.”