Loyalty Wallets Enhance Reward Programs & Reduce Payments Cost by 80%
Alviere, the leading embedded finance platform provider, announces the launch of Loyalty Wallets with pay-by-bank funding capabilities, enabling retailers to deliver a fully customizable wallet solution to consumers within existing apps. When consumers fund Loyalty Wallets by ACH or direct deposit and use the wallet at the point of sale (POS), merchants bypass network interchange to save 80 percent on payment acceptance costs compared to typical card-only options.
According to a recent EY survey, 85 percent of merchants plan to accept new alternative payment methods in the next one to three years. In addition to meeting the consumer demand for digital payments, alternative payment methods “can offer a competitive edge by reducing typical payment processing costs associated with cards and supporting faster merchant funding via new instant-payment rails.”
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Today, retailers offering a branded wallet through their customer loyalty program may be limited by low-performing incentives and inefficient or costly payments. In one stored value Loyalty Wallet, customers can pre-load funds, make P2P transfers, and collect loyalty rewards and cashback incentives, guaranteeing future sales. Grocers, quick-service restaurants, and fuel stations can enable customers to set up recurring direct deposits to a branded Loyalty Wallet from their paycheck, ensuring the merchant captures its share of the monthly budget.
Chris Walton, CEO and founder of OmniTalk, a blog written for and by retailers, says, “With consumers participating in multiple rewards programs, keeping shoppers loyal requires innovation. Augmenting existing consumer experiences with wallets is a must to keep pace with customer expectations and payments trends.”
Pedro Silva, Alviere co-founder and CEO says, “Alviere Loyalty Wallets deliver a new path for digital bank transfers, breaking through to the point-of-sale, and saving enterprise clients on typical network payment fees. Alviere is uniquely positioned to launch customizable solutions to evolve retail loyalty retention programs and bring new revenue to our clients.”
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