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Visa to send texts for every card transaction

Visa hopes to stop fraud with a phone
Visa hopes to stop fraud with a phone

Visa has announced a new trial that lets Visa cardholders know instantly when a transaction using their card has been made, through a text message.

The idea is to give consumers peace of mind should they be out and about and accidentally lose their card, when they will instantly be let known someone else is using it illegally.

Consumers will be able to receive the alerts via text or email, and iPhone and Android applications have been developed to support the trial as well.

The trial is taking place in the UK along with Visa's member banks, who will in turn make the tech available to consumers.

Power to the people

Sandra Alzetta, Senior Vice President of Innovation and New Product Development at Visa Europe says: "With Visa's mobile alert service, we want to offer cardholders the reassurance of knowing, in real-time, exactly where and when their card is being used. If something looks suspicious, this will give them the power to put a stop to any fraud taking place on their cards."

"We have chosen the summer holiday season to test this proposition as it's the period when people travel most. Feedback from our current pilots indicates that consumers often receive the alerts before their cards are even handed back to them at the point of sale. This real-time capability makes Visa's solution unique."

Visa has also hinted that this mobile integration could be extended in the future, with things like currency conversion when abroad available instantly.