Premium card propositions were long built on points, cashback and lounge access. Issuers now have to compete on something harder to copy, and Mastercard is betting that the answer is curated experiences that travel with the cardholder.
In August the network opened Asia Pacific’s first Taste by Priceless dining club at Hong Kong International Airport, part of The Mastercard Collection, following the first at São Paulo’s Guarulhos airport. Ben Gilbey, senior vice president, consumer products and processing, Asia Pacific, at Mastercard, spoke to The Fintech Times about what the launch says about premium cards and what issuers are asking for.
From rewarding spend to creating relevance
“Premium is becoming more experiential and personal,” Gilbey said. “While traditional card benefits still matter, consumers increasingly value access to experiences that reflect their interests and lifestyles.” He cited Mastercard research finding that 59 per cent of high-net-worth individuals prefer spending on experiences over possessions.
For issuers, he argues, that changes where premium value comes from. “Historically, premium propositions were built around rewarding transactions. Today, the opportunity is to help cardholders pursue the things they care about most.”
He does not suggest points and cashback are finished. “The question is not whether experiences replace those benefits, but how premium propositions evolve beyond them,” he said. “As rewards become common across the market, issuers are looking for ways to create differentiation that extends beyond transactional value.” Mastercard research, he added, found that nearly three in four consumers feel their best when spending time on their passions. “For issuers, this shifts the conversation from rewarding spend to creating relevance.”
Why the airport
Gilbey pointed to Mastercard’s 2026 Travel Trendlines research, which found travellers placing more emphasis on making each trip meaningful and personal, and so on benefits built into the journey rather than bolted on. Dining, he said, “is one of the most authentic ways to experience a destination’s culture, creativity and identity, while also being a naturally social and memorable part of travel. In Asia Pacific, where travel and food consistently rank among consumers’ strongest passions, the connection is even stronger.”
On location, the network looks for places “that sit at the intersection of traveler demand, international connectivity and strong local identity.” Hong Kong International Airport met the first two as a regional gateway, and the city’s food culture met the third. A third club is due to open in Mexico City later this year.
No single premium traveller
Personalisation runs through Gilbey’s answers. “There is no longer a single definition of a premium traveler,” he said. Mastercard Economics Institute data he cited shows Singaporean travellers to Japan allocate 38 per cent of their in-destination spending to retail, while South Korean visitors spend 45 per cent more at bars than the average traveller to Japan.
“For financial institutions, the opportunity is not simply to provide access, but to provide meaningful choice while maintaining a consistently high standard of quality and service,” he said. The Hong Kong venue offers two formats as a result: The Counter, a chef-led, multi-course tasting, and The Cove, a more relaxed à la carte setting for travellers with less time.
What issuers are asking for
The Mastercard Collection is the network’s global portfolio of dining, entertainment and travel experiences. In Asia Pacific it includes access to more than 400 award-winning restaurants across 10 markets. “What we’re hearing from issuers is a growing demand for benefits that reflect international lifestyles,” Gilbey said. Cardholders are travelling more often and spending across markets, so issuers want “premium value that can travel with their customers.”
The Hong Kong club is open to World Legend, World Elite and World Mastercard cardholders regardless of where the card was issued. “That balance between consistency and authenticity is an important differentiator in the premium segment,” he said.
Curation over accumulation
Looking ahead, Gilbey expects premium value “to become increasingly centered on curation rather than accumulation. Consumers already have more rewards programs, offers and choice than ever before. The challenge is no longer access alone, but helping people identify the experiences that are genuinely worth their time and attention.”
“For issuers, that raises a different question: not how many benefits they can offer, but how relevant those benefits are,” he said. Taste by Priceless in Mexico City is slated to open later this year.
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