Latest news with #BunitaSawhney
Business Insider
06-08-2025
- Business
- Business Insider
Why consumer spending power is shifting toward purpose, passion, and bucket lists
Across the globe, there has been a reframing of traditional markers of wealth. True wealth is no longer defined by material things, but rather by experiences with those who matter most, whether that's exclusive access to a hot new restaurant or front-row tickets to a show you've been waiting to see for years. New Mastercard research reveals that today's consumers are chasing purpose, passion, and moments that matter. According to Mastercard insights, two-thirds of consumers consider checking off bucket-list experiences, including travel, dining, and entertainment, a top priority. This trend is even more prominent among the higher-earning demographic, with 59% saying they prefer experiences over buying things, and 46% citing spending time enjoying such experiences with loved ones as a leading personal goal. Bunita Sawhney, chief consumer product officer at Mastercard, notes, "Consumers are stepping away from the pursuit of perfection and leaning into intentional living. They're asking, 'Does this bring me real fulfillment?' and making choices that reflect that." Globally, higher-earning consumers spend 167% more than the average consumer on foreign travel, 51% more on specialty foods, and 41% more on entertainment. Regarding dining and experiences, they are six times more likely than general consumers to be interested in pursuing elevated dining and unique travel experiences. Tapping into the fulfillment economy From the perspective of banks and other financial institutions, it is critical to engage higher-net-worth individuals. Comprising 17 million people and with a collective spending power of $3 trillion, this demographic is a powerful engine for growth in the future, across the financial services sector and beyond. Leaning into the changing preferences of consumers provides clear opportunities for businesses to build consumer trust and long-term loyalty. However, doing so requires moving beyond the transactional and instead placing emphasis on more tailored products and services. This is especially true for financial services, as banks seek to capture the attention and loyalty of consumers who are increasingly drawn towards experiences and personalized offerings. "In today's world, fulfillment isn't about what people own — it's about how they live and the memories they've made," Sawhney observes. "It's about spending time with the people who matter most, doing the things that bring you joy. And for brands and banks alike, the message is clear: If you want to earn loyalty, offer memory-making experiences." International reverberations What's clear is that this is a global trend — and financial institutions in all corners of the world are turning their attention to how best to meet consumers' pursuit of fulfillment, through curated rewards programs worldwide. That's why Mastercard has launched The Mastercard Collection — a new suite of benefits across World, World Elite, and the all-new World Legend cards. Designed for a world where time is the ultimate luxury, The Mastercard Collection offers access to unforgettable dining, entertainment, and travel experiences across the globe, at home, and when traveling. Citi recently launched its new Strata Elite Credit Card, which offers cardholders flexible benefits that are customizable to fit their lifestyle. It is the first World Legend Mastercard issued — Mastercard's most prestigious consumer card to date. World Legend is designed for consumers who want exceptional access to experiences that bring them closer to their passions. "Our new Citi Strata Elite Card is the first credit card with Mastercard's premium benefits, bringing cardmembers best-in-class rewards across travel, dining, entertainment, and more," said Pam Habner, head of US branded cards and lending at Citi. "Together with Mastercard, we're offering unmatched benefits we know affluent customers will value, catered to their unique lifestyles and passions." Consumers globally have growing expectations of their payment cards. Whether it's culinary exploration, artistic endeavors, or cultural immersion, The Mastercard Collection empowers cardholders and their loved ones with access to elevated, globally connected experiences that are tied to their top passions. Elevating experiences and fostering loyalty As the race for high-value customers intensifies, attention and loyalty hinge on fostering an emotional connection. Benefits that unlock unforgettable experiences and quality time with loved ones aren't just perks — they're powerful differentiators. In a world where time is the ultimate luxury, joy is measured not by "things" but by the moments that matter.
Business Wire
16-07-2025
- Business
- Business Wire
Elevating Cardholder Experiences Worldwide With the Mastercard Collection and Introduction of World Legend Mastercard
PURCHASE, N.Y.--(BUSINESS WIRE)--New Mastercard research reveals a powerful paradigm shift: consumers are prioritizing connection and spending time and money on what genuinely fulfills them – experiences with people who matter the most. To meet these evolving needs, Mastercard is unveiling a new suite of elevated benefits – The Mastercard Collection – across its World, World Elite and newly created World Legend Mastercard cards. "Time well-spent with people who matter most is truly priceless,' said Bunita Sawhney, chief consumer product officer, Mastercard. 'That's why we're thrilled to introduce The Mastercard Collection." Introducing The Mastercard Collection With The Mastercard Collection, cardholders and their friends and families can make the most of every moment with elevated, globally connected dining, entertainment and travel benefits: Dining: Priority reservations at sought-after restaurants, specially crafted menus and experiences that transform moments into memories. Entertainment: Ticket access, including presales, and premium seating for the most in-demand music events through our international partnership with Live Nation, as well as access to tickets for sporting events. Travel: Streamlined airport experiences, including access to 190 fast-track security lanes at over 30 airports and to more than 1,350 airport lounges at major international airports across 600 cities and nearly 150 countries, ensuring a smooth and stress-free start to their adventure. Coming soon to select international airports, Mastercard-exclusive dining spaces will also redefine the pre-flight experience by blending comfort, locally inspired flavors, and must-have travel amenities. The Mastercard Collection unlocks premium benefits for cardholders and their loved ones—at home and where their travels take them. During a vacation to London, for example, a U.S. cardholder and her family can enjoy streamlined travel, breezing through airport security; snag dinner reservations at an award-winning restaurant; and book front-row seats at Stranger Things: The First Shadow in the West End. These exclusively curated experiences and more are available to eligible World portfolio cardholders, complementing issuing banks' own benefits and rewards programs. Consumers can browse and book experiences via or their banking app. Debuting World Legend Mastercard Expanding its World portfolio for higher-spending cardholders, Mastercard is launching the World Legend Mastercard – its most prestigious consumer card to date. Designed for individuals who want access to exceptional and exclusive experiences that bring them closer to their passions, World Legend is available to banks globally today and will debut to cardholders in the U.S. in Q3 2025, followed by a broader international rollout. Building a Platform for Partners The Mastercard Collection and our portfolio of World, World Elite and World Legend cards are built for today's experience-driven consumers. Together, they offer a powerful, curated platform of dining, entertainment and travel experiences that enable issuers to create differentiated products that drive loyalty and brand affinity. The Mastercard Collection is grounded in the philosophy that life's most meaningful moments are truly priceless. Through and our integrated partner channels, cardholders can effortlessly browse, book and enjoy curated experiences that spark emotion, connection and lasting memories — all at their fingertips. Diving Deeper The Mastercard Collection caters to a growing demand from consumers for a more intentional way of living, where spending on meaningful experiences is prioritized over material things. Nearly 75% of cardholders say they feel their best when spending their time on their passions, including culinary exploration, artistic endeavors, and cultural immersion. Two-thirds are becoming more intentional with how they spend their time, focusing on the relationships that matter most (Mastercard proprietary research, 2024). While this shift towards experiences holds true for all demographics, it's especially true among the top 30% of earners, who spend more than twice the average cardholder (Mastercard internal data, 2023). For financial institutions, capturing this audience's attention and building long-term relationships is key. 'Time well-spent with people who matter most is truly priceless,' said Bunita Sawhney, chief consumer product officer, Mastercard. 'That's why we're thrilled to introduce The Mastercard Collection. Together with issuers around the world, we look forward to granting cardholders and their families access to memory-making experiences wherever they go." Mastercard is continuing to expand its benefit offerings available through The Mastercard Collection, meeting consumers where they are, and delivering what matters most to them. For more information about The Mastercard Collection, please visit
Forbes
24-06-2025
- Business
- Forbes
How Card Networks Plan To Navigate An Evolving World
Capital One completed its acquisition of Discover last month, what does the future hold for Card ... More Networks? In a striking shift that could redefine the financial landscape, Capital One completed its acquisition of Discover last month, marking one of the boldest moves in the credit card industry in recent memory. But with evolving payment habits and emerging technologies challenging traditional card networks, this transaction raises critical questions about the future of payment rails. To explore this evolution, I recently met with two leaders deeply embedded in the heart of the card network ecosystem: Bunita Sawhney, Chief Consumer Product Officer at Mastercard, and Judith McGuire, Senior Vice President of Products at Discover. Bunita Sawhney, Chief Consumer Product Officer at Mastercard Adapting to Changing Consumer Preferences Both executives were clear that the payment landscape is rapidly evolving, driven by technology and consumer expectations. Bunita Sawhney emphasized innovation. "It's a really wonderful time to be innovating in the network space," Sawhney explained. "At Mastercard, we talk about keeping up with the speed of life. Payments are part of everyday needs, whether I'm a merchant accepting payments or a consumer needing a seamless way to pay." "The payment industry has been evolving very rapidly, especially coming out of the pandemic," Judith McGuire noted similarly. "Our job as a network is to keep up with consumers, how they want to pay and where they want to pay." McGuire pointed out key innovations, including open-loop transit systems and electric vehicle charging payments, illustrating how Discover continually adapts its strategy to match evolving consumer needs. Judith McGuire, Senior Vice President of Products at Discover. AI and Tokenization: Reinventing Trust One clear takeaway from our discussion was the pivotal role of AI and tokenization in securing and streamlining transactions. Both Mastercard and Discover are leveraging these technologies to enhance consumer trust and transaction efficiency. Sawhney highlighted Mastercard's recent innovation, "Mastercard Agent Pay," which leverages generative AI to anticipate consumer preferences. "Our use of agentic tokens is infusing trusted information securely into a number of different use cases, from improving travel experiences to dispute resolutions," Sawhney added. This use of AI underscores Mastercard's strategic shift toward becoming more integrated into consumers' daily routines. Judith McGuire echoed the importance of tokenization as one of the most significant recent innovations in payments. "Tokens replace your card number with random digits, protecting your information from theft," McGuire explained. Beyond security, tokenization ensures higher transaction approval rates and simplifies credential updates, creating a seamless user experience. This, she argued, fundamentally enhances consumer trust and reliability in digital transactions. Emerging Challenges: Fintech and Tech Giants Yet, the rise of fintech and tech giants entering the payment space presents an existential challenge for traditional card networks. Fintechs are trying to bypass networks by enabling bank-to-bank or peer-to-peer payments. Sawhney, however, sees collaboration rather than competition as the future. "Mastercard is built on partnerships. We add and create value with our partners, which earns us the right to participate," she asserted. Mastercard has strategically invested in domestic infrastructure and account-to-account payment systems globally, positioning itself not just as a network, but as an indispensable partner in the financial ecosystem. McGuire shares this partnership-driven perspective. "We see ourselves as payment rails, facilitating seamless payments behind the scenes," she explained. "Our role is to support fintechs by providing fast settlements, authorization, and fraud mitigation tools." Tech giants like Apple, with products like Apple Pay, further complicate the landscape. Sawhney positioned such relationships as mutually beneficial. "When we collaborate with big tech, like Apple, we create better consumer experiences," she noted, highlighting Mastercard's focus on technologies like tokenization and payment passkeys to protect consumer data. The Regulatory and Geopolitical Hurdles A less obvious but critically impactful challenge for global card networks is the rising trend of economic nationalism, with regions like Europe aiming for payment independence. "Every country needs to think about its specific needs," Sawhney emphasized, pointing out Mastercard's partnerships with local schemes such as Giro in Germany. These collaborations combine local relevancy with Mastercard's global scale and technological capabilities, providing a compelling response to rising nationalistic trends. McGuire underscored Discover's approach to similar geopolitical challenges, describing strategic alliances with local networks. "We partner with local schemes. Local traffic remains domestic, but when cardholders travel internationally, Discover provides the infrastructure," she explained. Such alliances are pivotal as global networks navigate an increasingly fragmented global market. Blockchain: The Long-term Game Changer? Perhaps the most debated and controversial future trend is blockchain technology. Will it ever become mainstream in payments? McGuire voiced cautious optimism. "Near-term blockchain use cases, such as cross-border remittances and business-to-business payments, show clear potential," she argued. However, she acknowledged significant regulatory hurdles and consumer behavior inertia, stressing that mainstream adoption hinges on establishing clear consumer protections and robust regulatory frameworks. Sawhney expressed a more bullish perspective on stablecoins and blockchain. "Blockchain and stablecoin absolutely have the opportunity to become mainstream," she insisted. "Consumers might want to pay with stablecoin, and Mastercard can connect them with merchants who aren't ready yet to settle in crypto." Mastercard's existing partnerships with Nuvei, MetaMask and Kraken illustrate its forward-looking embrace of crypto infrastructure. The Verdict: Adaptation Is Key The acquisition of Discover by Capital One may symbolize an industry consolidation driven by the growing imperative for adaptability. For card networks to survive, innovation, partnerships, and regulatory agility will be critical. As Bunita Sawhney succinctly summarized, "We must meet consumers where they are and anticipate where they're going next." With rapid changes ahead, companies that master this anticipatory adaptation will not only survive but thrive. Ultimately, Capital One's strategic move may signify not the end, but rather a bold new chapter for card networks in a digital-first financial world. For more like this on Forbes, 3 No-Code AI Tools Changing How Financial Institutions Innovate and The Legacy Banks Quietly Building The Future Of Finance.
Yahoo
05-06-2025
- Business
- Yahoo
Mastercard and PayPal collaborate to ease checkout
Mastercard and PayPal have forged an alliance, aiming to offer more choice at the checkout for users. The initiative aims to offer consumers a unified payment credential that can be used across various shopping platforms, both online and in-store. One Credential, developed by Mastercard earlier this year, is a system that allows consumers to use a single payment credential to access multiple payment methods. The payment giants seek to simplify the checkout process by reducing the need to manage several cards or payment options. The partnership will focus on jointly developing new features that utilise the capabilities of One Credential. These enhancements are designed to expand the payment choices available to consumers and for more personalised payment experiences. The system is expected to assist PayPal users in transitioning between different types of payment methods, such as moving from debit to credit or instalment-based payments. Mastercard is currently deploying One Credential as a global network-level feature, enabling financial institutions to offer this payment flexibility to consumers at a larger scale. The collaboration between Mastercard and PayPal builds upon existing payment solutions, including the PayPal Debit Mastercard and PayPal Business Debit Mastercard. PayPal partnerships SVP Chris Sweetland said: "We are excited for the opportunity to innovate together with Mastercard. We both want to reduce friction for consumers and bring them more power over how they pay.' Mastercard chief consumer product officer Bunita Sawhney stated: 'We're excited to empower consumers with more choice and control over how they pay together with PayPal, building on our collective strength of global payments innovation. With One Credential, we're delivering the personalised digital experiences that build consumer confidence and trust.' In February, PayPal introduced a new merchant platform, PayPal Open, which integrates all its merchant offerings under one platform. "Mastercard and PayPal collaborate to ease checkout " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
Mastercard and PayPal collaborate to ease checkout
Mastercard and PayPal have forged an alliance, aiming to offer more choice at the checkout for users. The initiative aims to offer consumers a unified payment credential that can be used across various shopping platforms, both online and in-store. One Credential, developed by Mastercard earlier this year, is a system that allows consumers to use a single payment credential to access multiple payment methods. The payment giants seek to simplify the checkout process by reducing the need to manage several cards or payment options. The partnership will focus on jointly developing new features that utilise the capabilities of One Credential. These enhancements are designed to expand the payment choices available to consumers and for more personalised payment experiences. The system is expected to assist PayPal users in transitioning between different types of payment methods, such as moving from debit to credit or instalment-based payments. Mastercard is currently deploying One Credential as a global network-level feature, enabling financial institutions to offer this payment flexibility to consumers at a larger scale. The collaboration between Mastercard and PayPal builds upon existing payment solutions, including the PayPal Debit Mastercard and PayPal Business Debit Mastercard. PayPal partnerships SVP Chris Sweetland said: "We are excited for the opportunity to innovate together with Mastercard. We both want to reduce friction for consumers and bring them more power over how they pay.' Mastercard chief consumer product officer Bunita Sawhney stated: 'We're excited to empower consumers with more choice and control over how they pay together with PayPal, building on our collective strength of global payments innovation. With One Credential, we're delivering the personalised digital experiences that build consumer confidence and trust.' In February, PayPal introduced a new merchant platform, PayPal Open, which integrates all its merchant offerings under one platform. "Mastercard and PayPal collaborate to ease checkout " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
