Mastercard today announced the rollout of a streamlined real-time rewards program that eschews the traditional multi-step path to redeeming rewards and cash back.

The Purchase, N.Y.-based payments processor has entered partnerships with merchants such as Lyft, Fandango, Boxed and Postmates to automatically and instantly trigger rewards for World Mastercard and World Elite Mastercard cardholders in the U.S. Under this program, customers don’t have to keep track of or sign up for special deals, or even enter promo codes.

It’s not about the “what” of benefits but about the “how” of delivery when it comes to driving consumer loyalty in the always-on digital world, Amnah Ajmal, executive vice president, core products for North America at Mastercard, told Bank Innovation. She said people no longer have the patience to accumulate rewards points and wait for something to happen.

“Rewards are extremely important because the consumers want them, but I think there is an increasing focus on the digital lifestyle,” she said. “People have less time and more devices. That’s the reality.”

Ajmal said affluent customers have the same desires as others for seamless, easy-to-use products and instant gratification. “The segment is looking for everyday value, experiences, and peace of mind,” she said. “So, every product benefit and experience is automatically redeemed, there are no extra steps required for the consumer and there’s no cardholder behavior change that is required.”

For example, World Elite cardholders will receive a $10 credit for every five rides taken in a calendar month, which is automatically applied to their next ride and capped at once per month.

Ajmal said partnering with merchants to deliver the program was a simple process. “Partners and merchants are looking for ways to drive engagement and loyalty because they also acknowledge it – that the way consumers shop, pay, spend and communicate has changed,” she said. “Driving loyalty and engagement of cardholders is really at the top of their mind, and Mastercard provides the technology to do that in a seamless manner.”

Asked if consumers have too much or too little choice in the rewards space, Ajmal said there are a lot of “similar” choices. “There are some very meaningful product propositions that offer very compelling experience, but moving that experience forward, in terms of integrating those propositions into consumers’ digital lifestyles, I think, is where the industry is going,” she explained. “More players are recognizing the power of simplifying propositions and focusing on the digital consumer experience.”

Starting July 1, Mastercard’s World and World Elite cardholders will also have access to enhanced ID theft protections, including a 24/7 helpline, as well as cell phone insurance for up to $1,000 per year.

It’s worth noting that micro-investing app Stash announced Monday it fulfilled 500,000 automatic, instant Stock-Back rewards within the program’s first month. Stash’s debit cardholders earn fractional shares of stock on every purchase.

Brandon Krieg, co-founder and CEO of Stash, said in a statement that the startup is “upping the ante by offering a direct connection between spending and investing.” When customers, for example, buy a coffee at Dunkin, pay T-Mobile bills or shop at Amazon, they earn a piece of each companies’ publicly traded stock. When they buy a meal at a local restaurant or pay a parking meter, they earn Stock-Back in a diversified ETF. Rewards are invested in customers’ investment accounts with Stash.