As customers continue to engage passion points and spend on meaningful experiences, global payments technology company Mastercard is seeking to move beyond transactional offerings to establish a more experience-driven business model.

Informed by a number of studies commissioned by its Economics Institute, the payments behemoth said it has found that spending on experiences is now outpacing that for material goods and doing so at a remarkable rate. To this end, through a growing suite of cash back and reward payment services offered, the large company is seeking to connect more of its cardholders to the lifestyle and experiences they have reason to value.

“At Mastercard, connecting our customers with their passions is one of our strategic pillars. We firmly believe in the importance of offering experiences that money cannot buy and that allows us to live shared emotions, passions and hobbies.

“People feel more like themselves, happier, and more uplifted when they pursue their passions. Our studies show that getting involved in your passions intensifies your sense of growth, belonging, self-expression, and ‘being’ (that is living in the moment),” the company said.

With the study further showing more customers, globally, refocusing their time and attention around their passions, wellness, relationships, and experiences, the company, through its ‘Priceless’ campaign launched over 25 years, also continues to revolutionise and elevate the shopping experience of customers as the preference of individual cardholders change.

The ‘Priceless’ marketing campaign, which continues to adapt in an ever-changing world, the company said, has evolved from initially celebrating ‘Priceless’ moments to curating ‘Priceless’ experiences to sparking ‘Priceless’ movements. At the heart of its focus are passions such as travel, arts, culture, sports, dining, shopping, entertainment, philanthropy, and nature.

Based on a 2024 global research, travel, wellness, and sports were said to be the main passion points, generating the greatest breadth of emotional interest among consumers. According to the findings, 75 per cent of these consumers were said to be very or extremely passionate about travel and another 71 per cent passionate about sports.

The Mastercard Economics Institute, in a 2024 travel report, points to a similar shift in its consumers travel preferences which shows spending on experiences now accounting for about 12 per cent of tourism sales — the highest it has been in at least five years. Similarly, global spending on nightlife, the study shows as increasing by approximately 31 per cent year on year.

The company, in underscoring its commitment to helping the global travel industry, said it will continue to do so as it provides various services, including market analysis, data insights, and customer engagement strategies, a lot of which involves understanding current traveller spending and behaviour, while also anticipating future trends.

“By understanding these evolving travel preferences, Mastercard aims to develop innovative travel benefits and conveniences to enhance traveller experiences,” the company noted, while indicating that through its ‘Priceless’ platform, available exclusively to cardholders, it now offers unique experiences, including sightseeing, art tours, culinary lessons, and entertainment and sports activities.

“In 2023 we launched a gastronomy campaign in Jamaica that emphasized our mission to connect people to their passion for food by bringing Priceless memories to locals and visitors on the island all year round. As we also expand our commitment to supporting MSMEs [micro, small, and medium enterprises] we have continued to highlight those local restaurants that form part of the programme,” it further said of the efforts taken to support passions locally.