Netherlands-based payment service provider for online merchants PayU has teamed up with Mastercard to introduce new cross-border issuer authentication solutions. The new service promises to enhance global payments by offering merchants, issuers, and consumers a better payment experience across multiple markets.
According to a report by Inc42, PayU introduced these solutions at the Global Fintech Festival 2024, highlighting a focus on simplicity, convenience, and security for all stakeholders in the payments ecosystem.
Enhancing Cross-Border Transactions
The newly launched cross-border issuer authentication solution is designed to allow issuers to instantly connect to an authentication platform. This enables them to identify and authorize non-3D secure international e-commerce payments.
The system also enhances fraud detection, ensuring compliance with global regulatory standards. PayU's solution promises to improve the overall security and efficiency of international transactions, benefiting merchants by reducing the complexities and risks associated with cross-border payments.
PayU's collaboration with Mastercard is part of a broader strategy to enhance its digital payment platform through strategic partnerships. Earlier this week, PayU rolled out a push provisioning platform in partnership with major card networks, including Visa and Mastercard, to facilitate seamless card tokenization between banks and merchants.
This initiative aims to increase the security and convenience of online card transactions, further solidifying PayU's position in the global payments landscape.
Amazon Pay Later
Additionally, PayU has integrated Amazon Pay Later into its checkout infrastructure to enable online merchants to offer instant, flexible credit options to their customers. As PayU continues to expand its global footprint, the company is reportedly exploring options for a public listing in India.
Recently, Mastercard unveiled a new payment passkey service, promising to secure online shopping. According to the company, this offering will first be piloted in India in collaboration with major payment players, including Juspay, Razorpay, and PayU.
Elsewhere, Ecommpay teamed up with Mastercard last month to integrate the Click to Pay solution across the UK and Europe. This partnership aims to offer merchants and consumers a better payment experience by mitigating fraud and improving transaction approval rates.
Click to Pay reportedly eliminates the need for passwords and manual card entry by utilizing user recognition, network tokenization, and global interoperable standards. The partnership with Ecommpay seeks to improve the guest checkout process by allowing customers to complete purchases without being redirected or manually entering card details.
