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Mastercard tech chief: Every company should emulate Netflix

"As the environment changed they were able to get into streaming, as they got into streaming they knew their customers better and were getting into creating content. So if you think of their journey, from DVDs to Stranger Things, we think that's really the journey that all of us are going to emulate. You stop thinking about your physical delivery channels, you stop thinking about the way you delivered it and you start thinking more profoundly about who you are."

In terms of applying these observations to his own business, McLaughlin shared how Mastercard has moved beyond physical cards to become a provider of 'contextual commerce', allowing its account holders to transact wherever they want to.

"So we said every device is a commerce device and our job is contextual commerce, so how do we get it right wether you are in your smart car, using a mobile phone or your game system, your smart speaker your IoT? Suddenly the realisation that if we are freed from the tyranny of the physical world we could unleash the power of our network in a way we never could," McLaughlin explained.