The acquisition is expected to close in the first half of 2022. Terms of the deal were not disclosed.
With Dynamic Yield’s technology, Mastercard will be able to create a unified consumer engagement and loyalty hub to expand on the value of Mastercard’s network in delivering digital services for payments. By leveraging the platform’s artificial intelligence (AI) powered technology, Mastercard can help its customers and partners meet consumers’ needs for a more personalized experience.
Dynamic Yield customizes menu recommendations based on various factors such as weather changes and the time of day, according to PYMNTS.
Quick-service restaurants are incorporating reward programs, special offers and food recommendations into their digital signage and apps in response to a surge in mobile ordering and contact-free food pickup, PYMNTS reports.
Related: Restaurants Target Digital Consumers With Personalized Offerings
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“The notion of going into a store or opening a webpage to find an experience perfectly tailored to you is no longer farfetched,” said Raj Seshadri, Mastercard president of data and services. “It’s a reality that more brands are deploying and more consumers expect.”
Dynamic Yield, which McDonald’s acquired in 2019, provides its personalized platform to more than 400 global brands.
As part of the acquisition, Dynamic Yield provided the fast food giant with the digital technology to bolster its customer service, including implementing technology in its outdoor digital drive-thru menu boards, as well as the McDonald’s app and on self-order kiosks in restaurants.
McDonald’s operates 37,000 restaurants in more than 120 countries throughout the world, PYMNTS reports.
See more: McDonald’s Buys AI-Personalization Company Dynamic Yield
Under McDonald’s ownership, Dynamic Yield doubled its revenue and expanded its customer base across verticals, according to the announcement.
In addition to McDonald’s, various merchant and financial services companies use both Dynamic Yield and existing Mastercard services. Synchrony has worked with both companies on digital customer engagement.
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Synchrony last week expanded upon its digital offerings via collaboration with Skipify to provide one-tap checkout, according to PYMNTS.
