- Consumers can convert unspent reward points into gaming currency
- A scalable solution within apps, loyalty programme websites
Mastercard officially announced the launch of Mastercard Gamer Xchange (MGX), what it claimed to be a first-of-its-kind, turnkey solution that helps consumers convert their unspent rewards points into gaming currency across nearly 4,000 of the world’s most popular gaming titles.
In a statement, the payment giant said MGX is a scalable solution that operates within the app or website environment of loyalty platforms.
It also facilitates a convenient exchange through a simple API integration, allowing for fast and seamless redemption, the company added.
With Covid-19 and its accompanying restrictions impacting once regular activities such as shopping, travel, and dining, people have increasingly turned to alternative avenues of entertainment such as gaming to satiate their need for richer and more diverse experiences, it said.
Consumers have been constrained by their inability to redeem their accumulated rewards points, triggering a sense of dissatisfaction amongst them, while also posing a significant financial liability for loyalty programme owners, Mastercard said.
It added that by fusing together the world of rewards and the immense opportunity within the ever-growing global gaming community, MGX presents itself as an intuitive, innovative, and intelligent solution that addresses this gap in the ecosystem.
Targeting medium-to-high spending gaming audiences, the new conversion engine aims to give them an alternative rewards solution, alongside giving rewards program managers a first-mover advantage in the gaming space, Mastercard said.
According to Kaveri Khullar, vice president consumer marketing and sponsorships at Mastercard Asia Pacific, the gaming audience in Asia is growing incredibly diverse – be it in terms of age groups, genders, life- stages, or income levels.
“The market is booming with possibility, and with the dynamics of the rewards redemption industry being irreversibly modified, there is no better time than now for brands and consumers to benefit from stepping into the gaming arena.
“Through one simple, seamless solution that integrates flexibility and functionality, MGX creates a whole new category in rewards redemption programs, one that doesn’t currently exist, and allows owners of reward programs to connect with the world’s fastest-expanding entertainment market in ways that truly matter to them,” said Khullar.
Home to 54% of the world’s gaming audience, and with an estimated gaming community size of 1.8 billion by 2024, Asia Pacific is the first region to launch MGX, although the solution is international and supports gaming products and currencies in local languages across 75 countries worldwide, the company said.
This latest announcement demonstrates Mastercard broadening its presence in the gaming industry, after having diversified its sports and entertainment portfolio with gaming titles and ambassadors from 2018, it added.