Saudia, Saudi Arabia’s national airline, has partnered with Mastercard to launch the third season of their acclaimed podcast series, ‘Her Voice.’ This season will focus on empowering emerging female entrepreneurs and sharing the stories of seven remarkable Saudi women across various sectors. The initiative includes workshops and a competition for startups to receive mentorship.
Mastercard has launched its Payment Passkey Service globally, aiming to enhance online shopping security and convenience by utilizing passkeys and tokenization to protect financial data and reduce fraud. The service, initially piloted in India, is expected to expand to more consumers and financial institutions worldwide in the coming months.
Mastercard is cutting its global workforce by 3%, impacting around 1,000 employees. The company cites realignment and investment in long-term opportunities as reasons for the reduction, which is expected to be completed by September 30. Despite the layoffs, Mastercard reported strong second-quarter results, exceeding revenue and earnings estimates.
Mastercard and WestJet have joined forces to introduce the first-ever, always-on Canadian Priceless Platform, offering exclusive benefits and experiences to WestJet RBC Mastercard holders. The platform, accessible through priceless.com/westjet, provides cardholders with access to special offers, unique experiences, and personalized content, catering to their travel desires.
Mastercard is transforming the lending landscape with its Open Banking for Lending initiative, offering innovative solutions that simplify the process and empower consumers with greater control over their finances. By leveraging consumer-permissioned data, including income verification, cash flow analysis, and rent history, Mastercard is creating more inclusive pathways for individuals to access credit and participate fully in the digital economy.
Michael Kors, a renowned fashion retailer, has partnered with Mastercard to transform the online shopping experience for its U.S. customers. This partnership marks the integration of Shopping Muse, a next-generation retail assistant from Dynamic Yield, which leverages advanced generative AI technology. Shopping Muse empowers consumers to seamlessly find their ideal fashion picks by translating everyday language inquiries into personalized product recommendations. This innovative approach not only enhances shopper satisfaction but also significantly boosts revenue, as initial tests reveal a 15-20% higher conversion rate compared to conventional search queries.
Mastercard celebrates its 30th anniversary of sponsoring the CONMEBOL Copa América 2024, South America’s premier football tournament. The company released a video featuring Lionel Messi, highlighting the intersection of football passion and the giving spirit. The video showcases Messi attempting to use his Mastercard at local businesses only to be refused payment, a testament to the gratitude for his contributions to the sport. Mastercard continues to foster a seamless fan experience at all 14 hosting stadiums, implementing contactless and cashless payments and offering exclusive Priceless Experiences.
Mastercard is harnessing the power of generative AI to significantly enhance its fraud detection capabilities. This advancement allows the company to identify potentially compromised cards twice as fast, effectively doubling its speed in protecting cardholders and strengthening the security of the digital payment ecosystem.
Mastercard and The BENEFIT Company (BENEFIT) have signed a Memorandum of Understanding (MoU) to collaborate on developing innovative digital payment solutions in Bahrain. The partnership aims to enhance financial inclusion and drive the growth of the country’s digital economy. BENEFIT, a leading fintech company in Bahrain, processed over 345 million electronic fund transfer transactions in 2023, demonstrating its significant role in the Kingdom’s financial landscape. Mastercard, with its global expertise in digital payments, will bring its technological capabilities to the partnership. Together, the companies aim to introduce advanced payment solutions that meet the evolving needs of consumers and businesses in Bahrain.
Overall consumer spending remains robust, with U.S. retail sales rebounding in February and March. This bodes well for payment network giants Visa and Mastercard, who are expected to report solid earnings growth for their latest quarters. Visa is projected to post non-GAAP EPS of $2.43 in Q2 of its fiscal 2024, while Mastercard is anticipated to report adjusted EPS of $3.24 in Q1.
