Mastercard Inc., looking for a new interactive way for customers to manage their credit, unveiled an augmented reality app that offers a 360-degree view of everything from card balances to balances and personal finance education. 

The technology will initially be available to World Elite cardholders in the U.S. on iPhones, during the second quarter of this year, with additional cardholders, geographic markets and devices available starting later this year. 

By tapping their phones, cardholders will be able to view one of three portals showing various benefits, including Experiences, Everyday Value and Piece of Mind. 

"We live in an increasingly digital world, yet valuable information about card benefits is still stuck in paper brochures or somewhere on a website, waiting to be found," Raja Rajamannar, chief marketing and communications officer at Mastercard, told Mobile Payments Today via email.

He cited a JD Power study showing that while 47% of consumers switched to a new credit card to get better rewards, only one-third of credit card holders said they completely understood the benefits available to them. 

"With the new Mastercard app, cardholders can easily find and fully explore their benefits in an immersive, digital environment that can easily be accessed by their mobile device."

Cover image: Mastercard