MasterCard taps into the notion of gamification for its credit card loyalty program. Through a mobile application, called 'Scan, Spin & Win,' Danish users can win free magazine subscriptions, discounts from partnering businesses and even a golden ticket that enters them in a competition for big-value prizes. The concept is simple -- once a purchase has been made with the plastic, cardholders scan their receipt and play the game of spin the wheel.
MasterCard's credit card loyalty program is aimed to solve the problem of low transactions in everyday life. The solution was to "get closer to home, closer to [their] customer and closer to the [product]." Since the implementation of this credit card loyalty system, MasterCard has witnessed an increase in transactions by a whopping 23%.
Credit Card Loyalty Programs
MasterCard's App Lets You Spin a Wheel and Win with Every Purchase
Trend Themes
1. Gamified Loyalty Programs - There's opportunity in creating a gamified loyalty program, this way, customers will be incentivized to often use their credit cards.
2. Mobile-based Loyalty Programs - Creating a loyalty program that is mobile-first enables businesses to easily engage with customers regardless of their location.
3. Digitized Receipts - There's opportunity in digitizing receipts as it enables businesses to easily gather data on their customers' shopping habits, and enhance marketing experiences.
Industry Implications
1. Financial Services - Financial services could leverage gamified loyalty programs to increase customer engagement and promote their services.
2. Retail - Retail businesses can benefit greatly from a mobile-based loyalty program that enables easy tracking of customer interaction and transactional data.
3. Technology - Technology companies have an opportunity to innovate in the area of digitizing receipts, this way, businesses can efficiently monitor and analyze transactional data for business growth.