MasterCard CMO Talks Brand Transition from Credit Cards to Wearables
Posted in: UncategorizedThe way people pay for stuff is changing, and as consumers branch out beyond cash and credit, financial-services firms like MasterCard want to make sure they’re provide the options. To do that, a key focus for the company is to attract younger consumers to join its Priceless program, and use the loyalty offering to develop new ways to pay — and disseminate data along the way.
MasterCard has invested in entertainment and live-music events for a while now, sponsoring the 55th Annual Grammy Awards in 2013, teaming with Justin Timberlake through its Priceless Cities program, and offering special access at Beyonce concerts to cardholders. In its latest effort to appeal to the younger set, MasterCard has latched onto the electronic dance music phenomenon with an extensive sponsorship and partnership with electronic dance event company SFX, which hosts festivals across the globe labeled with names like Tomorrowland and Stereosonic.
MasterCard becomes the exclusive financial services sponsor for all of SFX’s platforms, while operating the single sign-on technology used by EDM partygoers for buying tickets and merchandise and finding their ways around venues. The deal gives MasterCard a way to spread its MasterPass digital payment technology among a key audience of young 25-34 year-old adopters who could become bigger spenders as the years roll on.
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