Close to 4,000 of the most widely-played games worldwide will now enable users to redeem their unspent Mastercard loyalty reward points for gaming dollars.
The Mastercard Gamer Xchange (MGX) is a first-of-its-kind, turnkey scalable solution integrated into loyalty platforms using an integration API, according to a press release emailed to PYMNTS on Tuesday (May 10).
The new combine solutions rewards with the huge and growing global gaming community and the opportunity within that space. MGX fills a gap in the gaming ecosystem by offering an intuitive, smart solution.
It’s being piloted in the Asia Pacific region first, where 54% of the world’s gaming audience resides, and was anticipated to hit 1.8 billion people by 2024. The global solution supports gaming products and currencies in 75 countries around the world.
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“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,” said Kaveri Khullar, vice president of consumer marketing and sponsorships at Mastercard Asia Pacific.
“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,” Khullar added.
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MGX targets medium- to high-spending gaming audiences and gives its conversion engine rewards program managers a first-time product to offer their consumers in the gaming community.
This latest solution is part of Mastercard’s push to grow its presence in the gaming industry. Starting in 2018, the global payments firm diversified its sports and entertainment portfolio with gaming titles and ambassadors.