PURCHASE, N.Y.—Mastercard has introduced the Payment Optimization Platform (POP), a new service designed to improve approval rates for merchants using data to make intelligent decisions about transactions. Early pilot results show a 9% to 15% increase in conversions, the company said.
Mastercard has developed POP—a network-based service leveraging Mastercard data to enrich authorization messages and boost merchant approval rates—with AI capabilities to be integrated shortly after pilot.
Mastercard said it continues to roll-out POP with Adyen, NEOPAY, Tap Payments and Worldpay, who will use the service to provide an optimal payment experience, drive service continuity and gain incremental revenue.
“The acceptance community is deeply committed to delivering a seamless payment experience and maximizing transaction approvals. Yet, securing approvals is no easy feat. Acquirers and merchants are limited to the information and data within their own ecosystems, they rely on multiple stakeholders and may lack the specialized expertise needed to optimize conversion rates,” Mastercard said.
“Merchants often experiment with various strategies to improve transaction success rates, but their efforts are limited by the scope of their own data. Mastercard is uniquely positioned through its real-time access to data points from billions of transactions. This allows POP to determine areas of improvement and to spot other potential issues,” Mastercard added.