Mastercard has launched a new API based digital platform for merchants and issuers.
The platform enables quicker deployment of digital capabilities to customers.
Called Mastercard Innovation Engine, the platform brings Mastercard assets and fintech services together seamlessly to deliver digitally integrated solutions through a single connection.
The platform focuses on contextually-relevant and personalised digital engagement and servicing.
The Mastercard Contextual Engagement Solution was created in collaboration between Flybits and Kasisto.
The solution provides a digital channel for merchants and issuers in the US. Consumers can now understand, interact and maximise their rewards and card benefits.
Mastercard API platform
The solution offers end-to-end digital servicing and real-time triggering capabilities and leverages several Mastercard services and solutions.
The conversational capabilities of Kasisto and data contextualisation capabilities of Flybits enable personalised offerings. These offerings are delivered in the right time to the right customer. This also reduces costs for issuers and merchants.
Mastercard executive vice president of core products said: “Consumer expectations are changing rapidly and as a result we must keep pace. Given where Mastercard sits at the epicenter of payments, we recognize that we can serve as a hub for scaled innovation delivered through our issuing partners.
“By enabling our customers a means to significantly faster speed to market, together, we can drive the digital transformation of the consumer experience.”
Flybits founder and CEO Hossein Rahnama said: “We are very pleased to be a key enabler of the Mastercard Contextual Engagement Solution, enabling Mastercard issuers and merchants to engage cardholders at the right time with highly personalized and relevant offers, services, and content.
“For example, delivering a movie related benefit reminder ahead of a popular film release to a cardholder who frequents the movies.”
Kasisto CEO Zor Gorelov said: “Conversational AI is changing the way customers and companies communicate and interact. We are thrilled to be part of the Mastercard Contextual Engagement Solution to deliver intelligent virtual assistants to better engage and enhance the cardholder experience.
“Kasisto’s differentiated digital conversation platform helps banks and merchants personalize how consumers explore and understand the rewards and benefits tied to their card.”