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Mastercard unveils new innovation engine for enhanced digital solutions

Amnah Ajmal, Executive VP, Core Products, Mastercard

Mastercard has launched its API-based digital platform Mastercard Innovation Engine in a bid to allow merchants and issuers to deploy digital capabilities to their consumers. The platform aims to bring together Mastercard assets and financial technology services for developing digitally integrated solutions and driving collaboration across the ecosystem.

“Consumer expectations are changing rapidly and as a result, we must keep pace. Given where Mastercard sits at the epicentre 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,” commented Amnah Ajmal, Executive Vice President, Core Products, Mastercard.

The Mastercard Engagement solution, that was built using the Mastercard Innovation Engine, focuses on providing digital engagement services to consumers along with a seamless digital channel for US-based merchants and issuers as a source of maximizing their card benefits etc. The solution has been built in collaboration with the digital experience platform Flybits and the conversational AI platform Kasisto.

“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,” said Dr. Hossein Rahnama, Founder and CEO of Flybits.

According to the supplier, the combined capabilities of Flybits and Kasisto is expected to enable personalised offerings and assist issuers and merchants reduce costs.

“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,” says Zor Gorelov, CEO, Kasisto. “Kasisto’s differentiated digital conversation platform helps banks and merchants personalize how consumers explore and understand the rewards and benefits tied to their card.”

Apart from this, Mastercard aims to launch new solutions aimed at facilitating an enhanced digital experience for its consumers.

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