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Product insights

Enriched payment data: nice-to-have? A must-have from October 2023!

Ondřej Slivka
min read

Back in early 2021, Mastercard introduced revised rules for its card issuers in the European region, known as AN 4569 Revised Standards for the Display of Enhanced Merchant Data. They introduce standards for so-called enriched payment data, which must now be provided by all card issuers of the global payment network in selected countries.

What does this Standard mean in practice? 

Under the revised standards, all Mastercard issuers across Europe must make so-called enriched payment data available to their cardholders whenever they request it, effective from October 2023. This data must include (where available) the merchant's name, address, contact details (phone and web address) and logo, and must appear directly in the issuer's banking app, mobile wallet, online banking interface or other (equally easily accessible) digital tool. The data requirement applies to both card-present and card-not-present transactions but not to ATM withdrawals.

One example: a customer uses your Mastercard to buy groceries at a Tesco hypermarket in Bicester, UK. If, until now, you've only provided a string of letters and numbers (transaction identification taken directly from the merchant) on the transaction statement in your mobile app, with the date of payment and the amount spent at the location, you're out of luck starting in October 2023. You will now be expected to provide not only the full and correct name of the merchant but also the address of the establishment, contact details and logo.

What benefits will the Mandate bring?

According to a 2020 US study by the Aite Group, a full 96% of consumers want detailed information to help them identify their purchases. Moreover, providing this information could prevent nearly 25% of all transactional disputes. 

The motive behind the introduction of the new Mastercard rules is clear. The enriched data will make it easier for cardholders to identify individual transactions, reducing disputes and refund requests where people do not recognise their payments due to insufficient information on their statements (friendly fraud).

This will ultimately reduce unnecessary and costly administration and make the card more profitable for the issuer and the payment network. 

Last but not least, the new rules will also benefit the merchants themselves, for whom the enriched data will provide increased presence and brand awareness every time users check their payments. In short, a win-win.

Enriched transactions in a banking app

What does the card issuer have to do?

Mastercard, together with Visa, is the most widespread payment network operator not only in Europe but also worldwide. In the European region alone, thousands of institutions of all sizes - from payment startups to traditional banks - issue Mastercard cards. All of these issuers must provide enriched payment data to their cardholders from October 2023 under Mastercard's revised standards. So those who aren't already doing so had better get to work. It doesn't pay to rest on your laurels: issuers who fail to comply with the standard will be liable for non-compliance with the so-called Category B requirements and will also find themselves far behind the competition, according to Mastercard.

There are many data enrichment solution providers on the market today, but choosing the right one may not be trivial. To help you with this, we've looked at 6 criteria, worth considering. Not everyone can enrich (almost) all data equally well, and quantity often comes at the expense of quality. And starting next year, this will no longer be acceptable.

Why is more preferable to less?

Mastercard's revised standards state minimum requirements for enriched data, with the understanding that the more transaction information a card issuer is able to offer, the better - for the customer, the issuer and the network.

Clients using TapiX's payment data enrichment solutions are already providing their customers with high-quality, up-to-date and secure data on more than 90% of their transactions, above and beyond Mastercard's requirements.

Data required by AN 4569: 

  • name of the merchant
  • business address
  • contact details (telephone and website)
  • logo

Data beyond the revised standards:

  • GPS location
  • Purchase category (grocery, footwear, restaurant, etc.)
  • URL address
  • Google Places ID
  • Eco tags (replacing the carbon footprint of the transaction)

More information about payments equals more transparency, fewer complaints and disputes about allegedly fraudulent transactions, better customer experience and loyalty, and ultimately, of course, economic benefits for the card issuer itself.

Mastercard's new rules on enriched data and payments are a welcomed step forward, and while they may initially present a significant challenge for many card issuers, they will ultimately benefit everyone.

If you haven't yet found an enriched data provider for your business (or aren't 100% happy with yours), now is the time to look for one.

Appendix A: Details of scheme compliance requirements 

Sourced from AN4569 Revised Standards for Mastercard Rules (published 4 April 2023) 

Enhanced Merchant Data. Effective 14 October 2023, an Issuer in Albania, Andorra, Austria, Belgium, Bosnia, Bulgaria, Channel Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man,  

Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom or Vatican City must provide to a Cardholder enhanced Merchant data, when available, to help the Cardholder recognize a Transaction when it is queried by the Cardholder. Such enhanced Merchant data includes, when available, without limitation, the Merchant’s public facing or ‘doing business as’ name, location, contact details and logo. The Issuer must provide the enhanced Merchant data via the Issuer’s banking application, mobile wallet, Internet banking interface, or other digital means that provides at least equivalent ease and accessibility for the Cardholder. 

About author

Ondřej Slivka

Senior insider

A seasoned B2B marketing enthusiast with 5+ years of experience sharing insights in the world of digital banking and fintech. My passion lies in crafting innovative strategies and engaging content that delivers desired results.

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