Payments giant Mastercard has launched the Mastercard Innovation Engine, an Application programming interface (API) based digital platform that enables issuers and merchants the power to provide digital capabilities to customers.
In its official communiqué, the payments company said that the plug-and-play platform amalgamates the Mastercard assets and FinTech services for providing enhanced customer experiences.
Mastercard Innovation Engine is dedicated to enhancing the consumers’ experience pertaining to their card benefits and rewards.
“Consumer expectations are changing rapidly and as a result, we must keep pace. Given where Mastercard sits at the epicentre of payments, we recognise that we can serve as a hub for scaled innovation delivered through our issuing partners. By enabling our customers a means to significantly faster speed to market, together, we can drive the digital transformation of the consumer experience,” said Amnah Ajmal, Executive Vice President, Core Products, Mastercard.
The company will be rolling out additional solutions via the Mastercard Innovation Engine in the next few months. The new features will focus on enabling bank and merchant partners further to offer enhanced digital experiences to consumers.
The single connection to the Innovation Engine offers the issuers with continuous access and helps them taping new capabilities and solutions easily that come to the platform.
The service is now available to issuer and merchant clients in the United States and will be launched in other markets across the globe beginning later this year, said Mastercard.