Rewards-based programs are on the rise. FIS™, the world’s largest financial tech solutions provider, reported recently seeing a 26% growth in these kinds of programs, with the average American participating in 29 different ones.
But here’s the caveat.
There’s still $50 billion worth of open reward viability. So, people are participating in rewards programs, but they don’t always redeem their points. The reason for this, according to Daniel Poswolsky, Head of Value-Added Services, is two-fold.
“There are a lot of larger ticket items that people can’t get,” Poswolsky explains. “People accrue a smaller number of points, can’t access these larger rewards, and simply forget about the points they have.” There’s also a procedural issue with accessing points. Often times, participants need to go through several steps before reaping the benefits of the rewards points they’ve accrued.
This was the impetus behind the Verifone Points Redemption app.
“With this app,” says Poswolsky, “we wanted to make points redemption a seamless experience that presents consumers with an easy decision and, most importantly, won’t slow down the line.”
At the POS, the app uses FIS technology to check if you have rewards points from your card provider. The app then asks if you’d like any available points to count toward your purchase. The process is safe, simple, and benefits everyone involved.