JACKSONVILLE, Fla. – Following a pilot with BP, FIS is launching Premium Payback, a real-time point-of-sale (POS) redemption solution.
The solution, which connects millions of consumer payment cards with loyalty programs to a redemption option at the point of sale, is rolling out across all of FIS' loyalty clients. It allows retail loyalty programs to connect to FIS’ broader loyalty network, offering more redemption options to consumers.
In the pilot program, more than 7,000 BP gas stations across the United States used FIS technology to allow consumers to redeem rewards points for real-time discounts using a single swipe of their payment card. Customers could redeem rewards points for 50 cents off each gallon of gasoline up to 20 gallons.
BP added Premium Payback to its existing rewards program. Pilot results showed increases in the number of cardholders participating at BP stations, as well as a nearly 3% increase in use of BP by account holders who used their cards for gasoline. Also, 18% of points redeemers said they chose BP because of the loyalty program. Meanwhile, 56% of consumers in the program said gasoline discounts were a better value than other redemption options, and 88% said they would redeem points for gasoline discounts again.
Premium Payback also can be used at any merchant POS to reward customers, drive loyalty and increase engagement.
“By combining consumer engagement, redemption velocity, POS integrations and more, financial institutions and retailers can drive new revenue opportunities and increase consumer loyalty,” said Bruce Lowthers, executive vice president and president of FIS Global Retail Payments.
London-based BP, a producer, manufacturer and marketer of oil, gas, chemicals and renewable energy sources, is the single global brand formed by the combination of the former British Petroleum, Amoco, Atlantic Richfield and Burmah Castrol. With U.S. headquarters in La Palma, Calif., and Warrenville, Ill., BP markets more than 15 billion gallons of gasoline a year through more than 11,000 BP- and ARCO-branded retail outlets and supplies more than 4 billion gallons of fuel annually.
Jacksonville, Fla.-based FIS operates card marketing and loyalty rewards programs for large retailers and financial institutions. It has more than 6,800 individual loyalty programs nationwide. It offers financial services technology with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions.
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