Enhancing traditional finance with new technologies is crucial. Mastercard is exploring a unique initiative in this regard.
The financial powerhouse sees merit in using augmented reality. Through this technology, the company aims to onboard more users.
A new Experiment by Mastercard
Every financial service provider needs to be aware of new technologies. The rise of fintech companies shows consumer behavior is changing rapidly. It now appears that Mastercard is taking a page out of the fintech book, of sorts.
Instead of focusing on existing clients, the company wants to attract new users. While credit and debit cards are popular, there are still plenty of potential customers to be tapped.
One way of attracting newcomer sis by explaining the card’s benefits to them. Instead of using a PDF or leaflet, Mastercard is exploring a completely different option. Its use of augmented reality provides an interactive overview of the card’s benefits.
With the new app, users can explore three different portals. Every portal represents its own reward category. Mastercard divides these into Experiences, Everyday Value, and Peace of Mind. After tapping a portal, users will be “transported” to a unique environment.
A Sign of Fintech Inspiration
This approach by the popular card issuer is rather intriguing. It is evident that financial companies look closely at their fintech counterparts. A lot can be learned from new entrants making their mark on the financial sector.
Mastercard’s CMO Raja Rajamanner adds:
“By leveraging an intuitive AR design, cardholders can now easily find and fully explore their benefits that otherwise might have been overlooked. The technology can also be white labeled for Mastercard’s issuing partners, creating customised experiences for cardholders”
This augmented reality application is not available at the time of publication. A tentative launch date has been set for Q2 2020 in the US. If and when it will roll out internationally, has not been communicated.