Verifone and FIS Enable Shoppers to Pay with Loyalty Points
Verifone created a new app, the Verifone Points Redemption, which connects to the FIS Premium Payback Network. Third party loyalty programs will be able to participate in the program over this secure network. Retailers will be able to download the free app to their device so that their customers only need to swipe, tap or dip their card at a participating merchant to make a purchase with their 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 at 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.”
FIS created their Premium Payback program to combat the fact that nearly $16 billion in loyalty points are left unused every year. Thus far, the program seems to be a success for consumers and merchants alike, as 20% of Premium Payback users have said they selected retailers based on their ability to use reward points.
“Today’s consumers have been digitally empowered and expect tomorrow’s payment and rewards capabilities today,” said Bruce Lowthers, executive vice president at 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.”
To use their points, shoppers will need to present their loyalty-linked card to pay at Verifone devices. When they have enough points to pay for their items, they will be automatically prompted to use them, which eliminates the need to order gift cards or deal with vouchers. The prompt is easy and was designed to keep the checkout process moving quickly.