Mastercard has launched the Payment Optimisation Platform (POP), aimed at enhancing approval rates for merchants by leveraging data to make informed transaction decisions.
Adyen, Neopay, Tap Payments, and Worldpay are among the initial adopters of POP, which Mastercard reports has resulted in a 9% to 15% increase in conversion rates during early testing phases.
The platform assesses over a trillion combinations of data elements to determine the most efficient authorization in near real-time, offering insights that help boost approval rates. Its models are continuously updated and trained on the latest transaction attributes and authorization trends, ensuring ongoing payment optimization. Mastercard emphasizes that this leads to a seamless consumer experience and contributes to increased conversions for merchants.
Sumeet Bhatt, SVP of payment optimization at Mastercard, stated, “The Payment Optimisation Platform is a game-changer. It equips our acceptance community partners with the tools and intelligence necessary to deliver the best payment experience and drive higher conversions.”