In a world where consumer preferences are rapidly evolving, innovation must keep pace. This is even truer for a global technology company like Mastercard. By adapting its offerings to meet the changing needs of its cardholders, Mastercard is prioritizing innovation at every step. 

Recent research from Mastercard reveals a change in consumer priorities and Canadians’ view of prosperity, with individuals increasingly valuing life experiences and time well-spent over monetary savings. This insight—along with its constant efforts to elevate consumer experience beyond the card—has driven Mastercard to introduce a suite of new cardholder benefits, designed to enhance everyday experiences and empower consumers both at home and abroad. 

To delve deeper and explore this approach to enhancing consumer benefits, Jason Maghanoy, publisher of Canadian Business, spoke with Craig Reiff, senior vice-president, Core Payments at Mastercard, Canada.

Q: Craig, how does Mastercard envision the future of consumer products and solutions, particularly in light of the new benefits being introduced?

At Mastercard, we are deeply committed to understanding and anticipating the evolving needs of our cardholders. Our recent research highlights changing consumer priorities, with a growing emphasis on health and social well-being. This insight has solidified our approach to shaping our new Mastercard cardholder benefits, which are designed to enhance everyday experiences and empower consumers both at home and abroad.

Q: Can you provide an overview of the new cardholder benefits and how they reflect this evolving consumer landscape?

We have introduced a suite of benefits that cater to the diverse needs of our cardholders. While the benefits may not directly target wellness in the traditional sense, they significantly contribute to the overall well-being of our cardholders. 

For instance, FlexiRoam’s Global Data Roaming service ensures that cardholders stay connected with loved ones and work, providing peace of mind that they can easily connect while travelling. The Lyft statement credit for rides in the U.S. also makes transportation more affordable, allowing cardholders to enjoy their travel experiences while enjoying discounted transportation costs. 

The Mastercard Travel Pass in partnership with DragonPass can, depending on the card, offer discounted or free access to a serene and comfortable environment for travellers in the lounge, as well as special offers and discounts to retail and dining within the airport. This allows cardholders to relax and recharge during their journeys, reducing travel-related stress.

 By providing these enriching travel and lifestyle experiences, Mastercard is helping cardholders create moments of joy and relaxation, which are essential components of overall wellness.

Q: How do these benefits support Mastercard’s commitment to innovation and consumer empowerment?

Innovation is at the core of everything we do at Mastercard. By offering innovative and tailored benefits, we are addressing the current and emerging needs of consumers. Our goal is to empower Mastercard cardholders by providing them with tools and opportunities that enrich their lives, whether through travel perks, financial savings or connectivity offers. This commitment to innovation ensures that we remain a trusted partner in our cardholders’ journeys.

Q: What role does research play in developing these new offerings?

Research is integral to our strategic approach. Insights from our studies, whether it be consumer- or product-focused, have been instrumental in guiding our strategy. By understanding what our cardholders value most, we can tailor our offerings to align with their priorities. This data-driven approach allows us to innovate with purpose and deliver benefits that truly resonate with our audience.

Q: Looking ahead, how does Mastercard plan to continue evolving its consumer products and solutions?

We are committed to continuous innovation and adaptation to drive future prosperity for Canadians. As Canadian preferences and behaviours evolve, so will our offerings. We will keep leveraging data and insights to refine our products and introduce new benefits that enhance the lives of our cardholders. Our vision is to remain at the forefront of consumer empowerment, providing unparalleled value and experiences that go beyond the card.

Q: Any final thoughts on Mastercard’s vision for the future?

Our vision is clear: to power economies and empower people, building a sustainable economy where everyone prospers. We do that by enriching everyday experiences for consumers and people. At Mastercard, we are committed to enriching everyday experiences by adding meaningful value to our products.  By prioritizing the evolving expectations of our cardholders, we aim to provide benefits that are meaningful to them. We are excited about the future and look forward to continuing our journey of innovation and excellence with our cardholders and beyond.

Mastercard’s new cardholder benefits showcase its ongoing commitment to innovation and consumer empowerment. By offering customized benefits, experiences and savings, Mastercard is not only meeting the current demands of its cardholders but also anticipating future trends driving consumer and Canadian prosperity. 

As the company continues to innovate and adapt to the changing consumer landscape, its new offerings reflect a dedication to providing value and enriching the lives of its cardholders—by enjoying unparalleled benefits and experiences. 

Learn more about Mastercard benefits here, and World and World Elite benefits here.

_{The Mastercard survey was fielded in the first quarter of 2024. Response data are derived from a representative sample of the Canadian population (N = 1,000) that includes an oversample of small business owners (N= 200). The margin of error for commensurate nationally representative survey responses is ± 3% at the 95% confidence interval. Results shown are weighted using age and gender demographic indicators from the 2021 Canadian Census.}