“Mastercard must be present in the metaverse because users will shop there”

Le Journal du Net is a partner in the Mastercard Innovation Forum 2022, organized on December 8 in Paris. On this occasion, Geoffroy Seghetti, Marketing and Communications Director at Mastercard, will explain the challenges that the metaverse represents for the group.

Geoffroy Seghetti, Marketing and Communications Director at Mastercard. © Sam Frost

JDN. You will be speaking on December 8 during a round table discussion entitled “Metaverse, fad or real opportunity for brands?”. How does the metaverse represent an opportunity for Mastercard ?

Geoffrey Seghetti. If we do not yet know the exact forms of the metaverse, described as a virtual space of interactions and potential commercialization, the certainty is that we will be able to conduct transactions there. Mastercard must therefore be present to ensure the simplicity of execution and the security of these payments. We invest heavily in R&D in the metaverse because we believe in it. Of course, like the curves of all trends, we are at the peak and enthusiasm will wane because neither the user experience nor the applications are there yet. But it will come back, we have no doubt that metaverse is a technology that is here to stay and that it corresponds to what users expect. According to projections, the metaverse will represent a market between 5 and 13 billion dollars by 2030, it is good that things will happen there.

How do you work with the subject?

We have several teams dedicated to the Web3 environment. Mastercard has been working on the metaverse since the concept first emerged. These teams are working on the technologies behind stablecoins, stablecoins, NFTs and what will become of the metaverse. We want to ensure that these spaces remain inclusive. We have a test and learn approach and we have experimented with several platforms, like Roblox, to see how they work and how Mastercard can bring value. We have filed several patents in this area. Last April, Mastercard also filed 15 trademark applications to protect us in these new decentralized environments. That says a lot about our ambitions in the metaverse. This summer we ran a campaign at the local level, including a parade and interviews with personalities, and we know the metaverse would have turned it into a global celebration. These reflections carried out for a long time allow us to glimpse the future applications, to be one step ahead and to best support our customers as they move towards the metaverse.

How will this change the approach to brands?

The metaverse is going to be a conversational environment, it raises questions about how global brands like Mastercard will interact and transform their customer engagement to drive brand preference. The change will be due to immediacy: if today with social networks brands can engage in an exchange with their customers, there is no such notion of immediacy. In the metaverse, we will be in the present. The interaction will have to be redesigned with more relevance and reflection on the part of the brands. We will have to imagine a more playful way of delivering content. Immediacy also implies more security and trust. At the transaction level, technologies will evolve in the metaverse: When we certify a payment, we might be talking about multi-factor authentication.

What new experiences do you expect with the metaverse?

There are many assumptions. For me, the promise of the metaverse lies above all in a porosity between the real and virtual worlds. For example, in commerce, if a user wants to buy a vest, he can receive it in real life, have a virtual version for his avatar, have rights and digital certificates, etc. Collaboration and travel will be affected, as will the travel sector. The way to prepare your holiday and book your hotels and transport will no longer be the same. The concept of experience will really come into play.

Geoffroy Seghetti is responsible for B2C and B2B marketing and communication activities for the Western European division. Previously, he was responsible for product strategy and marketing of consumer and business products and services for the Western Europe division. Geoffroy Seghetti joined Mastercard in 2012 as Strategic Account Manager after having been Head of Sales in France at Gemalto (now Thales).

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