At a time when brands are expected to be more than just businesses, Mastercard has emerged as a global leader in purpose-driven innovation. Raja Rajamannar, the company’s Chief Marketing and Communications Officer, is at the helm of this transformation, whose approach transcends traditional marketing metrics to focus on societal impact, technological advancement, and authentic consumer connections. I had the opportunity to sit down with Raja to discuss how Mastercard is leveraging its vast resources to support displaced families, empower small businesses with AI, and redefine the experience economy. Our conversation delved into the evolving role of the CMO, the integration of sustainability into business strategy, and how passion and purpose can coexist not just as buzzwords, but as the foundation for lasting global impact. Whether it’s through initiatives like the “Where to Settle” campaign for Ukrainian refugees or pioneering AI tools for entrepreneurs, Raja’s vision is clear: innovation without purpose is just noise. Here’s how Mastercard is making sure its impact resonates far beyond the balance sheet.
Costa: Mastercard has launched initiatives like the “Where to Settle” campaign for Ukrainian refugees and the Small Business AI tool in the U.S. How do you determine which social challenges to prioritize, and what role does purpose play in your personal leadership philosophy?
Rajamannar: We’re focused on ensuring that every person and family can thrive in the digital economy. That North Star charts the course for our business but is also the guiding light for our purpose-led initiatives, allowing us to do well as we do good in a sustainable, authentic, and real way. You see this reflected in our products and services, partnerships, and campaigns.
For instance, when we saw a need to support displaced families in the early days of the Ukrainian refugee crisis, we launched “Where to Settle.” Leveraging our expertise in digital payments, financial inclusion and global networks, we provided practical solutions that directly addressed their needs. It was good for people, good for the community, and good for our brand. Similarly, with the Small Business AI tool piloting in the U.S., we’re empowering small businesses by giving them access to AI tools, hoping to enable them to grow even further.
I firmly believe, personally and professionally, that it’s critical to have a North Star that keeps you consistent and enables greater trust to be built—whether between employees or consumers and brands. It also creates accountability that allows for greater, longer-term impact. People sometimes act like making purpose profitable is something you need to whisper about, but I say it loudly. If brand purpose isn’t authentic, it will fall flat and unintentionally harm existing consumer relationships. When you passionately pursue your purpose, profit follows.
You’ve spoken extensively about the shift toward experiential and multisensory marketing. How do you align these innovations with the company’s mission to connect people to their passions and purposes?
Consumers are increasingly seeking memorable experiences, plain and simple. Research shows a clear shift toward prioritizing experiences over things. People are spending more on their passions and consciously saving to fuel them, which drives economic activity across categories like travel, music, and sports — a phenomenon we call Passionomics. Understanding this shift, we’ve leaned into these insights and are seeing incredible results.
From expanding our restaurants globally, including Peak by Priceless in New York City, to offering special access through our partnership with McLaren Racing, and collaborating with Netflix to deliver immersive experiences like Netflix House and Netflix Bites, these are just a few examples of how we’re creating unforgettable moments that connect our cardholders to their passions.
Your Small Business AI tool demonstrates Mastercard’s commitment to inclusive mentorship. How do you see AI evolving to bridge gaps in equity and opportunity further globally?
Small businesses are the backbone of our economy. When small businesses thrive, we all thrive. Through our work with entrepreneurs, we’ve identified a significant gap in access to essential resources, particularly mentorship. A 2024 U.S. Small Business Administration survey found that more than 90% of small- and medium-sized business owners believe mentorship improves their chances of success, yet only 25% have a mentor. While AI can never replace human mentorship, this insight inspired us to focus on developing tools that help bridge this gap.
Our Small Business AI chatbot offers ongoing guidance to entrepreneurs at every stage of their journey, providing access to diverse, responsible sources of content whenever needed. AI is powerful because it helps level the playing field, acting as an enabler for success.
Looking ahead, AI-driven consumer applications will become more mainstream and accessible, continually evolving and improving to help consumers in highly specific ways, tailored to their personalized needs. This will further empower entrepreneurs and small businesses.
Urban mobility campaigns promote sustainable solutions like public transportation. How does sustainability factor into Mastercard’s strategy, and how do you engage consumers in these efforts?
Public transportation is a win in so many ways: it makes cities more efficient, reduces congestion, and helps the environment. We’re focused on creating seamless and inclusive transit experiences that encourage the use of digital payments and make sustainable travel more accessible.
Through contactless payments for trains, buses, bikes, and scooters, we’re making public transport easier and more secure to use. But it’s not just about convenience—we also want to make it fun and engaging. With campaigns like “Tap, Go & Play,” we’re gamifying the experience, offering incentives to encourage people to ride more often. By doing this, we’re helping make public transport a regular habit while supporting more sustainable travel.
Your partnership with McLaren unlocks unique experiences for fans. How do these collaborations deepen Mastercard’s connection with consumers, and what’s next for sports and experiential marketing?
Our partnership with McLaren Racing perfectly exemplifies our experiential brand strategy. By aligning with an iconic team like McLaren and in a sport that’s skyrocketing in popularity, we’re creating extraordinary opportunities for fans worldwide.
Whether we’re unlocking unique, behind-the-scenes moments by giving fans special access to tickets or the team garage, meeting the drivers, or hearing an incredible artist while at a race, we’re unlocking unique, behind-the-scenes moments. These experiences help build an emotional bridge between fans and Mastercard, showcasing that we’re not just a payments company but a brand that understands and invests in what people care about.
As we look to the future, we’re committed to staying ahead of the curve, exploring opportunities across sports, culinary and other cultural arenas to connect with consumers wherever their passions lie. For example, gaming is one of the fastest-growing passions worldwide, with a massive, dedicated fanbase. Seeing this, we recognized a clear opportunity. We became the first global sponsor of League of Legends in 2018. Since then, we’ve expanded our partnerships to include Valorant and launched programs like the Mastercard Gamer Academy. This initiative takes a group of dedicated individuals from around the world, offering training, travel and unique experiences that help them turn their passion into a career focused on the game they love.
What does our motto “worth beyond wealth” mean to you?
To me, “worth beyond wealth” is a powerful reminder that true success isn’t measured solely by financial gain but by the positive impact we can create in the lives of others. This aligns deeply with Mastercard’s philosophy of doing well by doing good, using our resources, technology and partnerships to make a meaningful difference. It’s a call to focus on what truly matters.
