Mastercard has announced a new solution to help consumers manage their credit card digital footprint: Mastercard Consumer Control. Consumer Control lets consumers keep track of where credit card credentials are stored across the internet through Consumer Control API integration with online and mobile banking services from banks, credit unions, and other institutions. API access to the Consumer Control platform gives consumers a single view into their entire footprint.
"In our ongoing commitment to deliver consumer-centric solutions, Mastercard is introducing a series of APIs that will give the consumer direct control to view where their card is stored and manage spend across all digital channels - all from right within their mobile banking app or website," Mastercard Vice President of Digital Payments & Labs, Jessica Turner, commented in a press release.
It's interesting to see Mastercard, a credit card company by legacy, comment that "Mastercard envisions a future powered by an API for everything." Given its ever-growing API portfolio, which now exceeds 35, Mastercard is certainly investing in its belief. Further, it is also letting consumer demand drive its API innovation. Mastercard conducted a study regarding consumer interest in digital management of credit/debit card information. It found that 73% were interested in such ability, and wanted to access such services from banks or credit unions. Accordingly, Mastercard's go to market strategy for Mastercard Consumer Control includes providing API access to the service to banks and credit unions.
API docs are not yet publicly available. Mastercard has indicated that the API will be open for use by independent developers and credit card issuers. Banks and credit unions can white label the service as part of their online or mobile banking applications. Tech Federal Credit Union is an early adopter and user of the new API.