4,206 $m
Financial Services
True to its vision of delivering “A world beyond cash,” MasterCard introduced MasterPass earlier this year as the next evolution of PayPass. A digital wallet simplifying checkouts, the service will also offer loyalty rewards and real-time account alerts that boost the customer experience. Well-positioned to capture the upcoming growth in the mobile payments market, MasterPass will allow merchants and retailers the flexibility to deliver a seamless, omnichannel shopping experience of the future, including rolling out its own branded digital wallets. MasterCard also continues to win new partnerships, striking deals with Bank of America, Citibank, Capital One, and HSBC across a number of industries in this past quarter. The brand has demonstrated its commitment to a cashless future, launching nine programs of financial inclusion across emerging markets, providing financial access and education to 350 million people. The world’s second-largest payment network, MasterCard has gained share in the US debit card market since last year, but lost to Visa in the credit card business. In July, MasterCard reported a strong Q2 2013 thanks to growth in credit and debit card spending despite slow economic growth globally. While the brand has had a good year, consumers have yet to really notice its innovative products and community efforts. As MasterCard continues to build momentum and with new CMO Raja Rajamannar in place, it must share its story and advance its messaging to stand out from its competition.