Mastercard has rolled out the Payment Optimisation Platform (POP), a data-led service designed to help merchants lift approval rates and streamline payments.
The platform uses real-time network insights to analyse transactions and identify opportunities to increase successful payments.
Early pilot results have shown a 9% to 15% increase in conversions.
Mastercard has developed POP with artificial intelligence capabilities that will be integrated following the pilot phase to further enhance decision-making and performance.
Adyen, NEOPAY, Tap Payments, and Worldpay are among the first partners working with Mastercard to roll out the service.
They will use the platform to enhance payment continuity, improve the payment experience, and drive incremental revenue for merchants.
By drawing on data from billions of transactions across its network, POP can identify issues that individual acquirers or merchants may not detect on their own.
The platform evaluates over a trillion combinations of data elements in near real time, learning from transaction patterns to optimise authorisations and increase approval rates.
A broader rollout of POP with additional acceptance partners is expected later this year.
Sumeet Bhatt, SVP, Payment Optimisation, Mastercard said,
“The Payment Optimisation Platform is a game-changer – it provides our acceptance community partners with tools and intelligence to deliver the best payment experience and drive higher conversions.
We are excited to continue our pilot program to enable more successful transactions.”
Featured image: Edited by Fintech News Singapore, based on images by nisara_t and new7ducks via Freepik
