Mastercard chooses Brazil to launch its benefits interface. The solution, which can also be seen as a “mall” or a “marketplace” of services and advantages, is one of the best for the company’s future amid the digital transformation of payment methods in the world. This bet was revealed, still in October 2018, to Gazeta do Povo by the company’s president and CEO for Brazil and the Southern Cone, Joao Pedro Paro Neto, but it is only beginning to be put into practice.
Brazil was chosen because the country is now the second-largest market for Mastercard, second only to the United States – if China were considered an open market, it would be ahead of both countries.
The latest data from the Brazilian Credit Card Association (Abecs) show that, in 2018, card transactions accounted for 40% of Brazilian household consumption – 10% more than they represented ten years earlier, in 2008. The goal of Mastercard and other payment companies is making this proportion increase more and more.
The challenge for this is to transcend the role of credit brand to that of a facilitator of payments in general. For this, understanding the journey of using services and benefits by users and also the critical points for the convenience of such use is fundamental for Mastercard. And no one better than the user himself to say, via pre-established profiles, what he wants.
“With this unprecedented platform, we will be able to create one-to-one solutions. Instead of having to do a lot of work to present thousands of options to the user, according to his profile, he will receive personalized suggestions (…) All of this via the application of his own bank “, points out Paro Neto.
Although Mastercard presented at CIAB Febraban 2019 an idea of how this platform will work, the interface will, in practice, depend on each partner issuer, since it will work within the applications and platforms of these issuers. The first partner of the novelty will be the new digital bank C6 Bank, today in beta, but expected to open for real in the coming months ( read more about C6 Bank, below ).
From benefits platform to Mastercard’s main channel
In the Mastercard demo, the user could format his profile via questions, which would indicate which aspects of consumption and well-being are most important to him.
The profile will not only serve to choose the product (card) that best serves the customer but also offers all the services and benefits of Mastercard partners that adhere to this profile.
Mastercard expects to get to know its users, even more, when this platform is being used by more partner issuers. Ideally, over time, Mastercard will be able to offer the perfect match between customer preferences and available benefits.
Paro Neto did not reveal how many partners the platform will debut with, but he hopes that in three or four years the platform will become the company’s main relationship channel with its customers.
C6 Bank debut will be in the coming months
The digital bank C6 Bank is expected to open to the general public in the coming months. Still, in the first half, the company’s focus, an investment by four former BTG Pactual executives, was to test its solutions in beta, first among its more than 300 employees and then with invited and selected consumers.
According to Maxnaun Gutierrez, head of products and individuals at C6 Bank, the bank was born with a proposal to transform the experience that people have with financial services. “For this, we seek to create, in addition to practical solutions, services that offer the possibility of personalization. The platform that Mastercard is launching has everything to do with this, since the customer will be able to customize the benefits linked to the credit card. It is a project that matches our commitment to improving the user’s relationship with financial products “, he explains.
The debut of C6 Bank should take place in a complete way. According to the company’s CIO, Gustavo Torres, the C6 Bank account is exempt from maintenance fees and already includes in the package: unlimited and free TEDs; credit and debit card (there are two options: Card C6, which is exempt from annual fees, and Carbon, corresponding to Mastercard Black, which charges fees); free and unlimited withdrawals at Banco24Horas cashiers; CDBs with competitive rates and salary portability.
In the coming months – Torres does not detail whether at the C6 Bank premiere or afterward – customers will also have an automatic debit, bank deposit and loan services.
With a capital stock of R $ 250 million, C6 Bank will receive R $ 500 million in investments from its shareholders by the end of 2019.