Mastercard Launches GenAI Model
Recent GenAI use cases include Shopping Muse, a conversational shopping tool, and Small Business AI, providing personalised real-time assistance.
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Mastercard is actively developing new services and solutions, leveraging Generative AI to drive enhanced customer experiences and derive valuable insights from data. Recent GenAI use cases include Shopping Muse, a conversational shopping tool, and Small Business AI, providing personalised real-time assistance.
Expanding Mastercard Access, a platform offering a single point of connectivity for AI digital and identity services, contributed to millions of new acceptance locations globally in 2023. The growth is facilitated by tap-on phone and cloud commerce capabilities, with Mastercard now live in over 18 markets.
Mastercard is also at the forefront of the contactless payment revolution, supporting global partners like Apple in expanding tap-to-pay features. The company’s focus on payment technologies such as Click-to-pay, tokenisation, and biometrics offers secure, password-free checkout solutions. The adoption of these technologies not only benefits consumers but also enhances value for merchants and issuers. Click to Pay, operational in over 35 countries, drove over 60 percent growth in transactions in 2023.
With a commitment to driving tokenisation across all channels, Mastercard significantly reduces fraud and boosts approval rates by approximately 3 to 6 percentage points globally.
Mastercard’s exploration of biometric payment capabilities, enabling payments with gestures, has extended its reach to the Asia-Pacific region through a partnership with NEC Corporation.
Under the leadership of Chief Technology Officer for Operations, George Maddaloni, Mastercard is actively modernising infrastructure and platform services through the Operations, Network, and Employee Digital Experience organisations (ONE).
Mastercard does not disclose the size of the IT spending focusing on digital transformation to enhance business efficiency. The company’s technological prowess is evidently influencing the global financial landscape, with strategic partnerships and innovative solutions propelling Mastercard to the forefront of the evolving digital payment ecosystem.
