Rewards programs are becoming an increasingly important part of the digital payments ecosystem as card networks look for new ways to drive consumer engagement and transaction volume. Mastercard is strengthening its position in this area by integrating the analytics and rewards capabilities of Truaxis directly into its payment network. By combining real-time offer delivery with data-driven consumer insights, the company is positioning itself to deliver more personalized promotions while helping merchants and financial institutions improve customer loyalty in an increasingly mobile-centric payments environment.
Flying somewhat under the radar compared with more well-known platforms from Cardlytics and Cartera, Truaxis took a slightly different approach to building a rewards platform by putting the analytics out front and independent of any specific transaction type. The Truaxis engined called Purchase Insights operates like a Netflix-type service by learning consumers’ likes and dislikes using cluster-based behavior models. The product can bundle offers and allow consumers the ability to do things such as vote on a recommended offer.
From a press release:
The integration of the Truaxis platform with the MasterCard network will allow for real-time offer delivery coupled with advanced analytics to ensure consumers get more meaningful offers, merchants gain efficiencies in driving sales and financial institutions build greater loyalty with customers.
As the market moves into a mobile environment, the incentive aspect of consumer adoption will be critical and owning the IP that drives the analytical models at the heart of these new payment flows gives MasterCard wider visibility into new payment drives and additional revenue streams.
Click here to read the press release.
