That collaboration is one of two announced Thursday (Oct. 5) by the payments giant, which is also expanding its earlier collaboration with Instacart.
“Consumers continue to embrace the convenience and efficiency of online shopping for groceries — and their appetite is growing,” Mastercard said in a news release.
“By offering Instacart’s membership program, Instacart+, alongside monthly savings, Mastercard is providing a valuable, cost-effective benefit for its cardholders. Further, understanding that over three quarters of the U.S. population enjoy digital streaming services, Mastercard is creating value for cardholders by providing cost-effective access to Peacock’s premium streaming platform.”
According to the release, eligible World Mastercard and World Elite Mastercard cardholders who are new to the Instacart+ membership program will get a two-month free trial and $10 off their second eligible Instacart purchase every month, as well as perks like no delivery fees on certain orders and reduced service fees.
Those same card members who are new to Peacock Premium will get statement credits each month for their subscriptions, as well as access to experiences such as NBCUniversal’s — Peacock’s owner — parks and studios.
The launch comes as new research shows that 65% of credit or debit card users prefer to shop with brands or merchants where they are loyalty or rewards program members, according to “Leveraging Item-Level Receipt Data: How Card-Linked Offers Drive Customer Loyalty,” a PYMNTS-Banyan study.
“In addition, the study shows that 34% of consumers are willing to try out new brands or merchants, while 23% are occasional shoppers who sporadically visit specific brands or merchants,” PYMNTS wrote recently.
The research found that personalized card reward programs were particularly appealing to consumers, with 40% wanting cards tailored to their needs and preferences.
Mastercard also announced Thursday it was working with Galileo Financial Technologies in a partnership that lets banks and FinTechs extend Galileo’s buy now, pay later (BNPL) offering, via Mastercard Installments, to small businesses.
“It’s not simple for small businesses to get a loan,” he said, “even if it’s a small loan.”
He noted that there are a number of obstacles for small- to medium-sized businesses to navigate with lenders, and the approval process — assuming they get approved — can stretch on for weeks or even months.