Mastercard is to introduce an augmented reality app that will transport cardholders into an immersive 360-degree virtual environment from where they can explore the range of benefits that come with their card.
The app takes users on a virtual tour of three portals representing Mastercard reward categories: Experiences, Everyday Value and Peace of Mind. Tapping the relevant portal will place users in a photo-realistic environment - a spa for Peace of Mind, and home setting for Everday Value - in order to sample the relevant benefits on offer.
Once inside, cardholders can use their phone to look around the virtual room and discover their benefits - each represented by a relevant item. For example, tapping on a set of golf clubs prompts a pop-up screen where a user can learn about, and access, their Priceless Golf benefits.
According to the JD Power 2018 US Credit Card Satisfaction Study, rewards continue to drive consumer satisfaction with cards, yet only a third of credit card holders completely understand all the benefits available to them.
Raja Rajamannar, chief marketing and communications officer at Mastercard, says: “By leveraging an intuitive AR design, cardholders can now easily find and fully explore their benefits that otherwise might have been overlooked.”
The app will be available in the App Store in the US in Q2 2020.
Rajamannar says the technology can also be white labeled for Mastercard’s issuing partners, creating customised experiences for their cardholders.