FIS and Verifone Help Consumers Redeem Loyalty Points
2016 Pay Award winners FIS and Verifone are working together to make it easier (and instantaneous) for consumers to redeem loyalty points, some $16 billion of which are left on the table annually in the U.S., the companies said.
The new Verifone Points Redemption app connects to the FIS Premium Payback Network to provide what the companies call a “quick, secure, and easy way for third-party loyalty programs to participate.” Merchants can download the free app from the cloud-based Verifone Commerce Platform. Eligible cardholders can then pay for their purchases with points.
“When a shopper presents a loyalty-linked card payment on a Verifone device, it will prompt them automatically when enough points are available to pay for their items, eliminating the hassle of vouchers or ordering gift cards,” the companies said. “The yes or no prompt is quick and easy and specifically designed not to slowdown the checkout process.”
Paying with points is growing in popularity. FIS won the Best-in-Category honor for Outstanding Rewards Program for ScoreCard, which enables instant rollback at the fuel pump for cardholders, in 2016. Discover and PayPal last week said they had reached agreement to expand PayPal’s POS presence while making Discover a more visible payment option within the PayPal mobile wallet. Among the terms of the pact is that PayPal customers with eligible Discover cards can view and use their Cashback Bonus loyalty points within PayPal to fund all or part of a purchase.
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