FIS launches real-time loyalty redemption at BP
FIS Premium Payback, a real-time, point-of-sale redemption service from FIS, is rolling out nationwide following a successful pilot program with BP, one of the world’s largest oil and gas companies.
FIS Premium Payback connects millions of consumer payment cards with loyalty programs to a redemption option at the point of sale and FIS is rolling it out across all its loyalty clients. The program will enable retail loyalty programs to be connected to FIS’ broader loyalty network, thus offering more redemption options to consumers, according to a press release.
In the pilot program, more than 7,000 U.S. BP gas stations used FIS technology to enable consumers to redeem rewards points for real-time discounts using just a single swipe of their payment card. Customers were able to redeem rewards points for 50 cents off each gallon of gas up to 20 gallons.
FIS claims the pilot results showed meaningful increases in the number of card holders participating at BP stations, as well as a nearly 3 percent increase in use of BP by account holders who used their cards for gas. Eighteen percent of points redeemers also said they chose BP because of the loyalty program. Meanwhile, 56 percent of consumers in the program said gas discounts were a better value than other redemption options, and 88 percent said they would redeem points for gas discounts again.
“Demand for loyalty solutions is growing among consumers, particularly for solutions that meet their needs,” said Bruce Lowthers, president of FIS Global Retail Payments. “By combining consumer engagement, redemption velocity, POS integrations and more, financial institutions and retailers can drive new revenue opportunities and increase consumer loyalty.”