The Consumer Electronics Show (CES) brought an interesting launch by MasterCard for an augmented reality (AR) app designed to give cardholders a 3-D, 360-degree view of their credit card benefits.
Say what?
That’s right, MasterCard users will be able to see, explore, and access their card benefits through a view provided by the new augmented reality app available initially on iPhones as soon as Q2 2020.
How does Mastercard AR work?
Consumers will open the app on their iPhone, scan their Mastercard, and start the AR session by scanning objects around them with their mobile devices.
Cardholders will see three portals, each one representing one of the three categories that Mastercard benefits fall into Experiences, Everyday Value, and Peace of Mind.
“To explore a benefit area, cardholders can tap the related portal to launch a fully immersive 360-degree experience which brings that area to life. For example, Peace of Mind is represented by a spa, and Everyday Value is a stylish home,” Mastercard said in a news release.
By exploring the virtual room, users discover various 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 Mastercard “Priceless Golf” benefits.
A simple tap on the user’s device exits the app and its augmented reality experience.
Research by JD power shows that rewards drive user satisfaction with their cards, yet only one-third of consumers understand and are familiar with their benefits.
“At Mastercard, we’re using our technology and solutions to deliver multi-sensory experiences for consumers every day – whether they’re shopping, taking transit, or exploring the card benefits they care about,” said Raja Rajamannar, chief marketing, and communications officer at Mastercard. “By leveraging an intuitive AR design, cardholders can now easily find and fully explore their benefits that otherwise might have been overlooked.”
Will early tech adopters use it?
The app will be available initially for iPhones in the Apple App Store in the US with additional regional and device availability coming later in the year. The augmented reality app can be white-labeled for Mastercard’s issuing partners, creating customized experiences for their own cardholders.
“Digital-first consumers are the first to explore and use technology-enabled touchpoints across the entire payments journey,” said Tim Sloane, vice president at Mercator Advisory Group. “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.”
Mastercard already has a variety of mobile apps that help cardholders locate airport lounges and benefits, enhance biometric ID, payments with rewards, access funds, check card balances, and other banking functions.
It’s an interesting approach to future credit card services although Gen Z and younger consumers have not adopted digital banking and virtual reality as fast as some analysts expected.
Time will tell whether consumers agree that augmented reality is meaningful in their mix of financial services.
Read Mastercard’s AR announcement here.
Top image courtesy Mastercard
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