Verifone, FIS to enable consumers to pay with loyalty points via credit, debit card
Verifone and FIS have announced a partnership to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card, according to a press release.
Verifone has developed a new application called Verifone Points Redemption, which connects to the FIS Premium Payback Network to provide a 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. Eligible cardholders need only swipe, dip or tap their card at a participating retailer to 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. Verifone said the yes or no prompt is quick, easy and specifically designed not to slow down the checkout process. The connection between Verifone and FIS is being powered by Modo's Coin-operated digital payments hub.
"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," Glen Robson, executive vice president and head of Verifone solutions, said in a statement. "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."
According to the Verifone announcement, research shows that every year up to $16 billion in loyalty points are left unused or forgotten.
"Today's consumers have been digitally empowered and expect tomorrow’s payment and rewards capabilities today," Bruce Lowthers, executive vice president of FIS global retail payments, said in a statement. "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."