Mastercard's Revised Standards for Enhanced Merchant Data

Source: Rivero Linkedin page

Mastercard is implementing a revised standard for displaying enhanced merchant data in select European countries. Here’s what you need to know:

Starting on October 14, 2023, issuers will be required to offer improved transaction clarity and accessibility via their banking applications, mobile wallets, or Internet banking interfaces. These rules aim to reduce chargebacks caused by poor descriptive data and improve overall customer satisfaction.

Key points of the revised standard include:

• Displaying the merchant's public-facing name

• Incorporating merchant logos (or industry icons if the logo is unavailable)

• Optionally, showing merchant location and contact information
  

As a result of this new standard, Mastercard suggests customers can benefit from:

• Cardholders: Greater insight into their transactions

• Issuers: Fewer disputes (for unrecognised transactions)

• Merchants: Increased brand presence
  

Important to note that the enhanced Merchant data must only be displayed upon request by the cardholder (e.g. when clicking on a specific transaction).

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