Verifone and FIS have partnered 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.
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.
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.