US consumers to use loyalty points as currency for in-store payments

Verifone Points Redemption
PAY WITH POINTS: Service is ‘designed not to slow down the checkout process’

US consumers will soon be able to purchase goods using loyalty points from multiple programs through Verifone Points Redemption, a new service designed for merchants which connects to third party loyalty programs and alerts shoppers when they have enough points available to complete a payment.

The service has been developed by the terminal maker through payment technology provider FIS’ Premium Payback Network — a connection powered by Modo’s Coin-operated Digital Payments Hub.

“Merchants will be able to download the free app to their device from the open, cloud-based Verifone Commerce Platform and eligible cardholders only need to swipe, dip or tap their card at a participating retailer to pay for their purchases with points,” Verifone says.

“When a shopper presents a loyalty-linked card payment on a Verifone device, it will prompt them automatically when enough points are available to pay for their items, eliminating the hassle of vouchers or ordering gift cards.

“The yes or no prompt is quick and easy and specifically designed not to slow down the checkout process.”

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