Ken Moore, Chief Innovation Officer at Mastercard, Explores Immersive Commerce and Emerging Trends for the Future
Headlines have been filled lately with stories about the metaverse. However, it’s augmented reality (AR) that is likely to change the way people work, shop and play in the near term. Mastercard, a global leader in payments and technology, is focusing on immersive commerce, and Ken Moore, the company’s Chief Innovation Officer, is excited about the potential that lies ahead.
Moore says technology is being deployed in the physical world in new and immersive ways. He points to a restaurant in Beijing that changes the surroundings depending on what food diners order. There are also retail stores in the U.S. where shoppers can take a photo of an item and then look through the store’s inventory to see other options. In esports, AR glasses are set to change the fan experience, letting fans view real-time player stats and market values and engage with interactive avatars.
Moore says three major trends underpin these advances: redefining value, technology overlay in the physical world and global awareness of Environment, Social and Governance (ESG) criteria.
On value, Moore says the definition of value is expanding. It’s no longer just cash; it also includes loyalty points, cryptocurrencies, NFTs, and even contributions to the energy grid. Moore adds that secure and ubiquitous exchange across these different asset classes will be important.
In addition to AR and virtual reality, Moore believes 5G, the Internet of Things (IoT), and other technologies will help create a world that’s hyper-connected and interactive.
Lastly, Moore says ESG is becoming increasingly important. Products and services need to be designed inclusively and sustainably. Consumers are more aware of where things come from, how they are made and whether sustainable practices are used. That’s why it’s crucial for ESG principles to be built into the products and services delivered.
From boardroom conversations to consumer consciousness, Mastercard is navigating the ESG landscape and integrating cutting-edge technology, keeping its industry-leading position through innovation and shaping the future of payments.
