Verifone and FIS enable consumers to pay with loyalty points at the retail POS

Verifone and FIS enable consumers to pay with loyalty points at the retail POS
11.01.2017 03:45 pm

Verifone and FIS enable consumers to pay with loyalty points at the retail POS

Payments

With the goal to increase the value and usability of loyalty points, Verifone (NYSE: PAY), a global leader in payments and commerce solutions, and FIS(NYSE: FIS), a global leader in financial services and payments technology, announced a collaboration to enable consumers to pay with loyalty points linked to their credit or debit cards at the point-of-sale (POS).

Verifone developed a new application called Verifone Points Redemption which connects to the FIS Premium Payback Network to provide a quick, secure, and easy way for third party loyalty programs to participate. Merchants will be able to download the free app to their device from the open, cloud-based Verifone Commerce Platform and eligible cardholders only need to swipe, dip or tap their card at a participating retailer, to pay for their purchases with points.

“We are helping merchants and consumers realize the value of loyalty programs by bringing points redemption to the shopping experience right where it counts—at the checkout,” said Glen Robson, executive vice president, Head of Verifone Solutions. “With FIS’ loyalty solution accessible through the cloud on our devices, merchants have a simple way to enhance the checkout experience by offering their customers immediate savings on in-store purchases using points.”

Research shows that every year up to $16 billion in loyalty points are left unused or forgotten. FIS’ Premium Payback has shown the ability to combat that, however. In fact, nearly one of five Premium Payback users have said they selected merchants based on the ability to use their reward points.

“Today’s consumers have been digitally empowered and expect tomorrow’s payment and rewards capabilities today,” said Bruce Lowthers, executive vice president, FIS Global Retail Payments. “The single integration point to brick-and-mortar retailers uniquely helps loyalty programs increase member touch points, while our relationship with Verifone expands the reach to bring scalable loyalty points redemption to many more consumers.”

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 yes or no prompt is quick and easy and specifically designed not to slowdown the checkout process. The connection between Verifone and FIS is being powered by Modo’s COIN® operated Digital Payments Hub.

The FIS Premium Payback Network currently supports loyalty points redemption at thousands of gas stations nationwide for 8.5 million consumers from 3,100 banks.

Visit the Verifone Booth #3543 and FIS Booth #624 at the NRF Retail’s Big Show January 14-17 in New York City.

Related News

Mastercard enables Contactless limit raise across 29 countries; and champions permanent increase

Today Mastercard announced its commitment to enabling the increase in contactless payment limits across... Read more »

TransUnion Research Quantifies How Social Distancing is Changing Shopping Patterns

TransUnion (NYSE: TRU) today released new research that quantifies the spike in digital commerce since social distancing became widespread globally. The company found a 23%... Read more »

Wirecard expands presence in Mexico

Wirecard, the global innovation leader for digital financial technology, and Banca Afirme, a Mexican financial institution with a nationwide presence, are collaborating to... Read more »

Barclaycard to enable UK retailers to accept new £45 Contactless Limit

Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, will be rolling out the deployment of the new £45 contactless limit across UK retailers... Read more »

Digital Payments in Europe to Surpass $802bn Transaction Value This Year

The increasing number of mobile phone users and the massive growth of eCommerce have led to the rapid adoption of digital payments all over the world. Cashless payments have... Read more »

SumUp launches free Mobile Payments and Invoicing across Europe to help consumers pay safely and remotely via smartphone

As Europe moves into COVID-19 lockdown - affecting small businesses and retailers everywhere - SumUp, the London-headquartered fintech and leading provider of digital payments... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel