Loyalty Pay enables consumers of credit card, airline, hotel and retail loyalty programs to access and use their rewards currencies seamlessly, in real time, through digital wallets wherever Apple Pay and Android Pay are accepted. This experience is superior to current reward redemption options such as getting ‘after the fact’ statement credits, having to wait for gift cards to be delivered, or having a limited choice of merchandise to choose from. Loyalty Sponsors have more messaging and branding touchpoints as their loyalty program is always on and displayed within the digital wallet.
Loyalty Pay (patent pending) was developed to assist major consumer loyalty programs and brands execute strategies to differentiate their brand and deliver point ubiquity, offering consumers anywhere, anytime use of rewards currencies. Loyalty Pay eliminates the friction inherent in prevailing rewards programs, and facilitates frequent redemptions to drive customer satisfaction, loyalty and brand preference.
Through a fast and easy payment experience, Loyalty Pay unlocks loyalty programs. Here’s how it works in retail stores. Users simply select the Sponsor’s Loyalty Pay digital rewards account from within Apple Pay or Android Pay, view their rewards currency balance, and tap to make a payment using their rewards currencies at the retail POS. Purchases made with Loyalty Pay can be supplemented with a credit, debit or gift card.
Loyalty Pay gives Program Sponsors the ability to enable point ubiquity while differentiating their brand and staying ‘top of wallet’. Sponsors are able to drive customer engagement and usage through loyalty marketing strategies, including location based and merchant based offers, which are not available with current point transfer programs. Not only do Sponsors have more ways to improve engagement behaviors, but they have more levers to manage reward point liability.
“We are very excited to bring this product to market, which will dramatically transform the loyalty industry and the customer engagement model,” said Larry Wine, chief commercial officer at Bridge2 Solutions. “Bridge2 disrupted rewards programs by taking the industry from the obsolete warehouse model to dynamic merchandise with the latest products, real time pricing, same day shipping, and in-store pick-up at major online retailers. We are now introducing the next wave of loyalty solutions to unlock the $160B in alternative currencies, provide point ubiquity and drive loyalty to Brands across all industries through an enhanced experience.”
Loyalty Pay drives massive benefits to not only Program Sponsors, but to consumers, merchants and digital wallets, making it a win-win for all constituents. Consumers can use their points wherever and whenever they want in a simple and easy way, giving them a new everyday payment option to treat themselves and extend their budgets. The sizable number of rewards points which go unused annually can be unlocked and spent in retail stores, with no changes needed to merchants’ POS equipment. Merchants can also partner with Program Sponsors on better segmentation and targeted consumer offers. Loyalty Pay ‘inside’ will drive greater digital wallet adoption, as loyalty has long held the promise of being the ‘killer app’.