Mastercard plans to release a new app that will allow cardholders to access their rewards via an augmented reality (AR) experience.
Upon launching the app, cardholders must scan their Mastercard and then scan their surroundings. Doing so will present users with three interactive portals that correspond to their available benefits: experiences, everyday value and peace of mind. Tapping the peace of mind portal, for example, will bring to life a virtual spa in which users can look around and discover benefits, each represented by a relevant item. When tapping a set of golf clubs, the app will display a cardholder’s “Priceless Golf” benefits.
Creating an app that clearly communicates cardholder benefits is a surefire way for Mastercard to reach digital-first consumers, who may not be utilizing full benefits. As Mastercard notes, according to the J.D. Power 2019 US Credit Card Satisfaction Study, rewards are a main driver of consumer satisfaction with cards, but only a third of credit card holders completely understand all the benefits available to them.
“Digital first consumers are the first to explore and use technology enabled touchpoints across the entire payments journey. With the new Mastercard benefits app, these cardholders will experience an immersive and truly unique environment where every tap delivers the value and benefits of their card in a fashion never experienced before,” said Tim Sloane, vice president at Mercator Advisory Group, an independent research and advisory services firm focused on the payments industry.
The Mastercard benefits app will launch in Q2 for iPhones, with additional regions and devices launching later this year.