TimmyH
Facecard launched to target Generation Y
July 8th 2008 00:24
Generation Y has led a recent trend away from credit cards and borrowing of all sorts in the wake of the “Global Credit Crunch.” Young people have apparently realised that debt is not their friend. Add to this increasing living costs from petrol to rent and groceries and you can see why Millennials are not so keen to spend money they haven’t yet earned.
But MasterCard is convinced that Generation Y will still be willing to spend big, if they are marketed to correctly. Last week they launched Facecard a new card which acts as a credit card and online payment platform. When used in a shop, the Facecard is just like a Debit MasterCard.
But the Facecard is more advanced than that. “Prewards” and “edoCash” can be credited to your card by advertisers. Users can decide which Prewards they are interested in receiving. “We start with the ability to use one's Facecard MasterCard card at millions of locations worldwide … then combine it with gift cards, prepaid cards and loyalty programs,” CEO Ed Braswell of edo explained.
The card is being marketed directly at Generation Y, primarily for online use. Virtual and online gifts and services can be purchased using the card on social networking sites like Facebook and MySpace. The first 250,000 registrants will have their activation and monthly membership fees waived.
But MasterCard is convinced that Generation Y will still be willing to spend big, if they are marketed to correctly. Last week they launched Facecard a new card which acts as a credit card and online payment platform. When used in a shop, the Facecard is just like a Debit MasterCard.
But the Facecard is more advanced than that. “Prewards” and “edoCash” can be credited to your card by advertisers. Users can decide which Prewards they are interested in receiving. “We start with the ability to use one's Facecard MasterCard card at millions of locations worldwide … then combine it with gift cards, prepaid cards and loyalty programs,” CEO Ed Braswell of edo explained.
The card is being marketed directly at Generation Y, primarily for online use. Virtual and online gifts and services can be purchased using the card on social networking sites like Facebook and MySpace. The first 250,000 registrants will have their activation and monthly membership fees waived.
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