With the rise of ecommerce and the emergence of new payment technologies, the legacy dispute process is badly outdated. Chargebacks are proliferating, costing merchants and issuers considerable time and money to process and resolve. Likewise, consumer satisfaction is negatively impacted by the long, inefficient chargeback processes. One of the central issues is that many disputed transactions ending up in the chargeback ecosystem simply don’t belong in that channel. For example, a consumer may not recognize a purchase on their card statement because a merchant billed under a different name. Seeing an unfamiliar merchant name, the cardholder may then initiate a dispute, despite actually being behind the transaction. With these issues in mind, Mastercard is working to fix the chargeback process. PaymentsJournal wanted to learn more about Mastercard’s innovative approach, so we sat down with Patrick Kelly, Mastercard’s vice president of Product Management for Cyber and Intelligence Solutions. Joining us was Tim Sloane, VP of Payments Innovation at Mercator Advisory Group. Kelly and Sloane identified the factors driving the rise of chargeback volumes and explain why Mastercard is focusing on this area in particular. They also discussed how Mastercard is leveraging its recent acquisitions of NuData, a cybersecurity company, and Ethoca, a company focused on improving chargebacks, to innovate across the entire consumer journey. PaymentsJournalBringing Collaboration to the Dispute Process: Mastercard’s Approach to Fixing ChargebacksPaymentsJournal Bringing Collaboration to the Dispute Process: Mastercard’s Approach to Fixing ChargebacksPaymentsJournaljQuery(document).ready(function ($){var settings_ap33136129 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"33136129",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_83208_3",settings_ap33136129); }catch(err){ console.warn("cannot init player", err); } }); Mastercard is looking at the full consumer journey, not just the transaction The payments industry has witnessed many changes in recent years, and Mastercard is responding accordingly. “With the growth in ecommerce and digital payments, instant gratification, and consumers wanting to pay how they want to pay, when they want to pay, it’s important for Mastercard to be enabling a good consumer experience,” said Kelly. To create a positive consumer experience, Mastercard is setting its sights beyond just the transaction, an area where the company has historically focused.  Although securing the transaction is still important, so is the need for improving the experience after the transaction occurs. A major part of the consumer journey after the transaction is chargebacks, the mechanism by which a consumer can contest a purchase. However,