Mastercard launches AI-powered benefits assistant

Mastercard is launching a generative AI tool designed to help cardholders understand and use their credit card benefits. For retailers and service providers, this is a significant development in how customers interact with their financing tools at the point of sale. Most customers have no idea what perks, protections, or financing offers are attached to the cards in their wallets. This tool bridges that gap by providing instant, conversational answers about card features. When your customers are better informed about their card benefits, they are more likely to complete high-ticket purchases. For example, if a customer realizes mid-transaction that their card offers extended warranties or specific purchase protection through this AI assistant, the 'risk' of the purchase decreases. This technology helps move the credit card from a simple payment swipe to a proactive financial tool. It reduces friction during the sales process by empowering the buyer with real-time data about their own purchasing power and perks. As AI becomes embedded in the payment experience, expect more customers to ask specific questions about card-linked financing and rewards while standing at your counter. Making sure your staff knows that these tools exist can help them encourage customers to check their apps for hidden savings or protections that might close a deal.

Source: Finextra — Lending

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