Mastercard, the No. 2 U.S. card company, and banking giant JPMorgan Chase are teaming up with grocery delivery company Instacart to offer their first co-branded credit card in that category later this year, the companies said.
Consumers who use the new Instacart credit card will be able to earn points toward grocery purchases at some 700 grocery stores nationwide, the companies said in a press release today.
"Our lives are more digital than ever, from how we shop to how we work, travel and connect," said Mastercard Executive Vice President Sherri Haymond in the release. "Consumers' expectations about their experiences with brands are changing. It’s critical that we design and deliver the best payments and loyalty experiences for our cardholders, regardless of where or how they pay."
The Instacart tie-up follows another Mastercard partnership forged this week, with a less conventional card partner. The card network company, which ranks behind larger U.S. rival Visa, said Monday in a website post that it would work with cryptocurrency exchange company Coinbase to provide services that allow Mastercard customers to use their cards to buy non-fungible tokens in the soon to be opened Coinbase NFT Marketplace.
Mastercard said it was intent on making it easier for consumers to buy NFTs, which are non-interchangeable tokens that can store unique data, like a piece of artwork, on a digital ledger. As a result of the Coinbase partnership, Mastercard customers will be protected by the company’s cybersecurity capabilities when they make a purchase in the evolving NFT realm, the company noted.
"When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers," the Purchase, New York company said in the posting.