MasterCard has entered into a three-year exclusive alliance in the payments space with e-commerce company Next Jump to revamp online shopping experience.
The agreement will allow the companies to work together to harness their combined assets in the payments technology, e-commerce and digital marketing space to drive innovation for the industry and improve the consumer experience.
It will also give MasterCard access to Next Jump’s e-commerce network, human capital through its digital technology engineers, and development process to fuel innovation and drive speed to market for relevant and desirable e-commerce solutions that meet consumer demands.
In addition, as part of the new alliance with Next Jump, MasterCard has also launched of MasterCard MarketPlace, a program that provides MasterCard eligible consumer cardholders with hundreds of merchant-funded discounts and special benefits each day from a network of thousands of merchants across the US.
MasterCard MarketPlace provides discount offers and/or free shipping from a network of thousands of participating merchants across a range of categories including apparel, jewelry, electronics and children’s clothing. Cardholders can also choose to receive email notifications for offers from specific merchants as well as exclusive in-store shopping events at preferred merchants.
The platform offers consumers the ability to personalize their online shopping experience by setting preferences and email notifications from specific merchants that they like and access to exclusive in-store events at preferred merchants.
Josh Peirez, group executive of innovative platforms at MasterCard, said: “Our new alliance with Next Jump will allow MasterCard to make game-changing advances in the online channel, which is ripe for innovation in a way that allows consumers to have a simple, seamless, secure and valuable experience wherever they are in the world and through whatever device they access the internet.
“Our alliance will help bring our product capabilities and value proposition to the next level by fueling our e-commerce strategy with advanced functionality that meets consumer demands for smarter solutions and builds greater value for MasterCard cardholders.”
Charlie Kim, founder and CEO of Next Jump, said: “Next Jump has a unique model that benefits both merchants and consumers. For merchants, Next Jump enables sales as a trusted partner – we never compete with them. Our technology allows merchants to re-direct ad spend towards better pricing in return for guaranteed sales.
“The merchant analytics from this model are incredibly impressive, allowing merchants to step up or down their participation in the program. For consumers, the best customers are rewarded with lower prices and/or VIP access to newest, hard-to-get, sold out products. Consumers that either spend more or have greater influence in getting others to shop – are the best customers and are rewarded accordingly.”