Mastercard recently introduced the Mastercard Innovation Engine. The new offering provides API access to a platform of digital customer experiences. The experiences come from both Mastercard products and services, and third party fintech services.
“Consumer expectations are changing rapidly and as a result we must keep pace, Amnah Ajmal, Mastercard EVP ofCore Products, commented in a press release. "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."
The first digital customer solution available through the platform arose from Mastercard collaboration with Flybits and Kasisto. The solution provides contextually-relevant and personalization services. For instance, when a consumer buys a coffee at his or her usual spot, the solution could suggest using points available through a rewards program the consumer participates in. This solution is technically complicated because it includes payment provider functions (Mastercard), contextualization services (Flybits), and conversational ability (Kasisto), and consolidates them into a single service. Through the Mastercard Innovation Engine, users easily gain access to the solution through a simple plug and play API.
Mastercard plans on introducing additional solutions in coming months. The focus will be on bank and merchant partners. Mastercard hopes to empower such partners to deliver forward thinking digital experiences. Since Mastercard will handle integration with solution providers, and the sourcing needs, partners can easily access all solutions.