Mastercard took its Experience Center on the road last month, bringing the refreshed innovation lab in Singapore to customers in Manila through the first Innovation Circuit Roadshow in Southeast Asiafrom 3 to 5 October.
With the bankable population in the Philippines projected to rise 30%, from 65 million in 2022 to 85 million by 2030, the consumer demand for innovative financial services is burgeoning year-on-year. As the government lays the groundwork for more digital financial services and digital-first business models to foster payments innovation, the immersive, experiential demos and workshops brought on tour were designed to inspire purposeful transformation, drive new business ideas, and encourage co-creation with customers, supporting their journeys towards a more digital economy.
Similar to the permanent installation in Singapore, the Innovation Circuit focused on three broad trends that have the potential to collectively expand prosperity and inclusion in the Philippines: Reimagining Money, Intelligent Experiences, and Sustainable Futures.
1. TREND: Reimagining Money: By expanding the definition of money to include non-traditional assets such as data, digital currencies, and digital goods, the technologies behind evolving value exchanges make it easier for people to participate in the digital economy by reducing barriers to entry into the formal financial system.
● DEMO: Universal Value Exchange: As the digitization of currencies and tokenization of assets and data expand current definitions of money, this demonstration focused on how Mastercard supports the creation and exchange of value across multiple payment mediums.
2. TREND: Intelligent Experiences: As physical and digital environments converge to become more connected and intelligent there is a growing number of non-traditional players entering the Philippines’ financial services sector. Changing consumer expectations are driving a shift towards hyper-personalized, convenient and secure experiences that enrich the daily life of Filipinos.
● DEMO: Mixed Reality Commerce: This exhibit demonstrated the potential of an enhanced digital ticket experience using virtual reality and augmented reality technology, in addition to other possibilities.
3. TREND: Sustainable Futures: There is greater need for companies to move environmental, social, and governance (ESG) strategies from the boardroom and into how products are designed, built and delivered. 89% of Filipino consumers desire more sustainable lifestyles but cite challenges such as limited options and high costs as barriers to entry, despite having the general willingness to learn about sustainable online purchasing methods[2].
● DEMO: Carbon Calculator: Financial institutions and merchants can embed carbon tracking into their payment applications to help consumers make more eco-friendly spending decisions. This demo showcased how this can be done, allowing consumers to view the estimated carbon footprint of all their purchases.
