August 24, 2016
MasterCard Mining Facebook In The Outback
Oct. 9, 2014
MasterCard and Facebook have signed a two-year agreement in Australia that will give MasterCard access to anonymized Facebook user data the payment network will then offer to its financial institution clients to use for marketing purposes, according to published reports. Outlets in Australia reported on Monday that MasterCard will “mine” Facebook data and feed it into a new analytics platform called the Priceless Engine to enable its banking partners to offer highly targeted promotions to customers.
According to the reports, MasterCard debuted the marketing analytics platform during a Justin Timberlake Australian tour that is winding up today in Perth. A mini uproar emerged in the country Monday and Tuesday when the news broke surrounding privacy fears. Facebook Australia sought to quell those fears when it issued a statement assuring the public that no individual data was being shared with the payments giant and its banking partners.
“We applaud what MasterCard is doing with their ‘Priceless Engine’ but, to clarify, we are not providing them, or any other company, personal data of Facebook users,” a company spokeswoman said. “We are working with them to create targeting clusters using Custom Audiences – a tool that matches anonymized data from Facebook with their own anonymized data for optimizing ad delivery on Facebook to their users.”
Neither MasterCard nor Facebook indicated whether their counterparts in other regions of the world are working on a similar partnership.