Interswitch Nigeria has launched ‘Transaction Control’, a new card-based anti-fraud solution that will automatically lock down debit and credit cards based on pre-set criteria.
Transaction Control is an innovative new solution for setting card transaction permissions and controlling transaction types and amounts. It allows card issuers and cardholders set and activate their own choice of already pre-set card permissions.
It works across the major credit and debit card platforms currently operational in Nigeria (Mastercard, Verve,Visa) and already existing cards can be enabled to make use of the solution without any need to get a new card.
Interswitch Head Products & Innovation, Inalegwu Alogwu said; Card Transaction Control is “one of the many ways we continue to respond to the needs of our customers and partners intuitively.
“We understand the need to create solutions that are relevant and specific to the business environment we all operate in and so it was important for us to create a way to enable Nigerian cardholders take control of their own transaction security in a way that is customizable and easy to use. Card Transaction Control improves the relationship between cardholders and card issuers by bringing the experience under the control of the user, which is important all over the world, but particularly here in Nigeria. This is one of the key ways through which we are delivering the experience of Intuitive Exchange.”
Wema Bank have adopted Transaction Control, calling it Wema Card Control. It’s the first Nigerian bank to adopt the solution.