Videogames offer a way to reach millennials, who have turned to cards later in life than prior generations. Barclays' Xbox Mastercard exemplifies this trend, providing lucrative incentives for in-game purchases.
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Xbox Players Are the Credit-Card Industry’s Next Big Thing
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Banks are seeking out millennial and Gen Z customers in the $57 billion-a-year videogame industry. Leading the charge is Barclays, a big player in U.S. credit cards, which wants to do with gamers what card companies long ago did with airline passengers: boost loyalty, and spending, by offering customers rewards when they charge their card. JPMorgan Chase, the nation’s biggest bank by assets and top credit-card provider, has invested in startup Tilia, which provides a platform for players to make in-game purchases. Meanwhile, financial-technology companies and banks are also running advertisements during games, targeting millennials.
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