MasterCard has entered an agreement to buy Pinpoint Pty. Ltd., a Sydney, Australia-based provider of loyalty and rewards services in the Asia Pacific region.
The acquisition, which the companies expect to close by the end of this quarter, combines Pinpoint's rewards programs with MasterCard's own offerings for issuers, merchants and cardholders, the Purchase, N.Y.-based card network says in an April 16 press release. MasterCard did not disclose the deal's financial terms.
"Not only does Pinpoint offer a competitive edge in Australia, its growing presence across Asia Pacific also holds much promise and will allow us to offer more effective programs to our customers and cardholders," says Vicky Bindra, MasterCard's president of the Asia/Pacific, Middle East and Africa, in the release.
Pinpoint is growing in key markets such as China, Hong Kong, India, Taiwan and Japan, MasterCard says.
"Becoming a part of the MasterCard family is an exciting step for our entire team as we look to build on our core business and grow our customer relationships across the region," says Kim Harding, Pinpoint's founder, in the release.
MasterCard is pursuing a strategy of offering services other than payments to appeal to more issuers, merchants and consumers. "The key is having the data and technology," MasterCard CEO Ajay Banga said during an investor conference in September.
To boost its rewards offering, MasterCard is also working with Toronto-based Points International Ltd. to provide more options to MasterCard issuers.